The introduction of real-time and faster payments legislation, having to deal with complex money laundering schemes and ever increasing compliance requirements in areas such as sanctions and KYC are greatly impacting the way financial services firms and corporates are conducting their global payments activities.
In order to react quickly to such change, financial institutions need agile systems to reduce risk exposure and losses while complying fully with all regulatory mandates, as well as identifying emerging threats and opportunities.
Our Global Payments modules provides comprehensive, fully integrated, payment capability for efficiently completing both international SWIFT and TARGET2 payments and local transfer services payments such as Fedwire, CHIPS, CHAPS, and FPS. For banks using the wider abraxsys system, these functions can be accessed from within any abraxsys component. However the software is also perfectly viable as a standalone system to utilise as a central payments processing engine fed from all relevant business sectors of the institution.
abraxsys offers increased transaction efficiency and makes full use of customer Standard Settlement Instructions (SSI’s) and repeat templates and cloning, allowing for speedier processing and prompt delivery of funds. If full information is present, transactions are processed straight through and if required routed back out over the appropriate network. If fixing of an incoming payment is required, the original message can be viewed and actioned. Flexible, user-defined charge tables are used to automatically calculate and account for multi-currency commissions and fees.
abraxsys also provides banks and financial institutions with one of the most comprehensive sanctions monitoring and anti money laundering (AML) solutions available today. The workflow in abraxsys is integrated fully with corfinancial’s KYC monitor and sanctions monitor solutions that deliver protection for your bank and for your customer.