SmartStream Launches Corona Retail Payments Control

SmartStream, a financial Transaction Lifecycle Management (TLM) specialist and provider, has launched its Corona Retail Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term Control, the group’s reconciliations and exceptions management tool and newest addition to its product suite, per a company statement.

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The new product was designed to help automate reconciliations processing and exceptions handling. This is important as it will aim to reduce costs, mitigate risks, improve client value, and ultimately deliver operational control across the entire retail payments transaction lifecycle.

The launch of the new product comes at a time when managing retail payments remains a challenge for many financial institutions. A combination of shortcomings from Automation Automation Automation is defined as the procedure of making an apparatus, a process, or a system to operate by mechanical or electronic devices that replace human labor. Additionally, automation is also sometimes referred to as mechanization or robotization. For example, employees have many costly needs, including government regulations. However, robotic workers don’t need much other than some routine maintenance and the occasional bug fix for an equipment malfunction or software bug. There is no overtime Automation is defined as the procedure of making an apparatus, a process, or a system to operate by mechanical or electronic devices that replace human labor. Additionally, automation is also sometimes referred to as mechanization or robotization. For example, employees have many costly needs, including government regulations. However, robotic workers don’t need much other than some routine maintenance and the occasional bug fix for an equipment malfunction or software bug. There is no overtime Read this Term and an over-reliance on traditional means such as spreadsheets, databases, and paper processes has created a number of issues for venues.

Shifting Industry

Moreover, the retail payments industry itself has also gone through a metamorphosis over the past several years, now more than ever dependent on a digitized infrastructure and mechanisms such as P2P payments, alternative payments, and digital currencies.

According to Christian Schiebl, Head of the Corona Business Unit at SmartStream, in a statement on the launch: “The climate in which players are competing is exceptional while revenue per transaction is declining. Pressure from financial regulators is increasing all while card schemes, consumer protection bodies and fraud prevention agencies are all adding to the complexity and expense of doing business.”

“Our solution provides full monitoring of the entire transaction lifecycle during the settlement of funds, charges incurred for services delivered, as well as inter and intrabank transactions – a total end-to-end solution, something the market truly needs at this crucial time," he added.