The pace with which technological advancements are enhancing the financial industry is driving expectations for continuous improvement – and enhanced efficiency is a key requirement in this respect.
Writing for Finance Digest, Ross Jones, Product Line Manager, Global Payments, Treasury Services EMEA, BNY Mellon, discusses how straight through processing’s (STP) role in enhancing the efficiency, accessibility and transparency of the payments space is being somewhat overlooked.
Describing STP as the “working engine that lies beneath the shiny hood of global commerce”, Jones believes that banks should strive to achieve the highest possible rates of STP and adopt a pre-emption strategy based upon both knowledge and technology. Not only can such STP optimisation help to enhance the efficiency of many intricate and complex cross-border transactions, in the case of the most widely-used currencies (such as euros and US dollars), a pre-emption strategy could even enable 100% STP rates to be realised.
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