RZB Selects SmartStream's SWIFTNet E&I to Further Automate Payments
Raiffeisen Zentralbank Österreich (RZB) will implement SmartStream’s TLM Corona SWIFTNet E&I solution to decrease operational risk and improve customer service across its payments operations. RZB is the first Austrian bank to implement SWIFTNet E&I, the SWIFT initiative to automate payment exceptions and investigations.
The bank selected SmartStream’s SWIFTNet E&I solution to create an integrated reconciliations and payments exception management platform. This will drive higher straight-through processing (STP) rates for SWIFT-originated investigations, reduce exception processing costs and improve customer satisfaction and loyalty through shorter turnaround times for investigations and more comprehensive responses to inquiries.
Walfried Lemerz, head of RBG and infrastructures at RZB, said: “Innovation and the use of cutting edge technology has always been very important for RZB as we aim to offer the best services to our customers. When we decided to implement SWIFTNet E&I, it was clear that extending our existing TLM Corona reconciliations platform would provide the fastest time to market for this important project. We have developed a successful relationship with SmartStream over many years and wanted to extend that further with this project. Being the first bank in Austria to implement SWIFTNet E&I will help us to stand out from our competitors and to impress our customers with even better services.”