STeP Payments Repair
STeP Payments Repair markedly improves STP rates by automatically repairing and enriching messages. This enables payment transactions to be conducted electronically without the need for re-keying or manual intervention. STeP is based on artificial intelligence type technology combined with a unique Temenos Banking Community-generated Knowledge Base, which integrates seamlessly into payment platforms and operational systems.
The three components of STeP are:
Repair engine
Automated repair/enrichment
Repair engine is an advanced automated message repair and enrichment application which employs artificial intelligence algorithms to improve the quality of financial messages. The accuracy, reliability and speed of repair provide a high degree of confidence and vastly improved STP rates (90%+).
Solver
Operator assisted repair/enrichment
Solver integrates with existing message repair stations to assist operators in the repair and enrichment of problem messages. The interface provides operators with focused enrichment proposals, which reduces processing time per message by allowing the selection of the correct enrichment from a list.
Evaluation
Reporting to support back-charging, and efficiency of STP rules
Evaluation is an STP assessment tool which analyses message before and after repair, in order to highlight areas where rules might be developed to improve STP rates. In this way STeP can ‘learn’ more about the messages being processed and propose new rules for evaluation. It also tests and validates the effectiveness of proposed rules prior to implementation in a production environment. STeP Evaluation is a powerful tool for determining the cost effectiveness of rule implementation and in measuring STP rates for existing message processing systems.
STeP can be integrated with existing Temenos products or it can be installed with other systems, ‘stand-alone’.
Benefits of STeP
- Improve STP rates to above 90%
- Reduce operational costs
- Accelerate and shorten processing cycles
- Reduce systematic and operational risk
- Enhance information available in real-time