Banks' Use Of Real-Time Cash Reporting Cuts Risk
Banks offering real-time cash reporting information to correspondents and clients can reduce risk and improve customer service while complying with new regulatory requirements. Real-time data and cash reporting is emerging as a new paradigm that will prompt banks to adapt processes and systems, according to a recent industry seminar sponsored by SunGard and Cable & Wireless. In short, a financial institution that understands data flows across its systems is more efficient in its daily operations and customer service, even if discipline is needed to drive internal changes.Real-time data is valuable across an enterprise, not least for trades and corporates, exceptions and investigations, according to delegates at the seminar. For regulatory compliance initiatives, automation facilitates the collection and integration of real-time data from virtually any platform or system, which can be managed via standardized and centrally administered controls. Exception-based risk management for instance is possible through timely access to information, while project timelines shorten and compliance shifts from being a cost burden, to a value generator.
Ideally, financial institutions need to synchronize business and IT systems to capitalize on change and achieve an ôadaptiveö enterprise that responds quickly to external challenges. New solutions allow banks to use a single dashboard to centralize and integrate data for custom and regulatory reporting and manage transaction-related documents, records, correspondence and data. Banks need to make the best use of real-time data in launching new products and services and real-time cash reporting for example, is increasingly in demand from those seeking a service provider. Related Links:
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