SmartStream
Putting clients in control of digital payments
The digital payments arena is evolving all the time, with new standards coming into force and regulators constantly changing the landscape. Roland Brandli, strategic product manager TLM Aurora, tells Jim Banks how one of the company’s fl agship solutions is helping clients to adapt to the changes and thrive in a highly dynamic part of the fi nancial services world.
he digital world with which we are now so familiar has a big impact on our expectations. We want everything to be at our fingertips – and we want it instantly. In the banking world, clients want services to be handled better, more efficiently and quicker than ever. Nowhere is this truer than in the area of payments.
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“Payments standards are changing all the time,” says Roland Brandli, strategic product manager TLM Aurora. “The whole world has changed. The fact is that two years ago people were used to payments taking two or three days, and maybe another two days if there was a problem. Now, payments go through in five or ten minutes.”
“That means that you can’t wait days for something to be fixed if there is a problem,” Brandli continues. “Today, customers won’t change their bank to save on a small amount of extra cost, but if they have a bad experience, or an app feels bad to use, then they are much more likely to change. That fundamentally changes how banks will work in the future.” To compete, banks now have to focus on service and execution. Any poor experience can lead to a loss of business, as can any inefficiency in an area such as payments processing. What’s more, if the big banks do make mistakes then there are smaller, more agile and more focused predators, waiting to come in for the kill. “If banks don’t fix these problems – then fintechs will,” says Brandli. “They’re looking for a problem to solve, while banks are looking for profitable products that they can sell that will capture the trust and attention of a customer. They are creating opportunities, not trying to solve specific problems.”
Building on success
Brandli is in charge of SmartStream TLM Aurora, which is the evolution of its flagship, enterprise-wide
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exception management and reconciliation solution and is now available with the latest technology from the Innovations Lab with enhanced capabilities, including the award winning, artificial intelligence- pioneered by SmartStream Air, a cloud-native AI data reconciliation engine that has raised the bar across the industry. Equipped with self-supervised learning, it can match vast datasets in seconds, auto- generating matching rules on the go. In a highly competitive environment where revenue per transaction is declining but complexity is growing thanks to a changing set of rules from regulators and growing pressure from card schemes, consumer protection bodies and fraud prevention agencies, control of digital payments has become vital for success. TLM Aurora utilises new technology to eliminate manual processes, then provides pre-configured workflows to manage exceptions. TLM Aurora has adopted a task-driven user experience that guides users towards any necessary tasks and an intuitive analytics layer, all of which has been designed by the same UI/UX team that this year won the Red Dot design award for their work on SmartStream Air. “We are in such a creative mode,” says Brandli. “We’ve launched two modules this year, including TLM Aurora Advanced Account Control (AAC), which replaces the Cash Reconciliation module.” “All of it is new, but one of our biggest ambitions is to stay true to our pedigree, so our existing clients can uplift to AAC without losing any data, any configuration or any work they’ve done over the past 20 years,” he adds. “The brand-new platform not only has our pedigree but also our DNA because it is very innovative.”
Future Banking /
www.nsbanking.com
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