SmartStream Technologies, the financial Transaction Lifecycle Management specialist, today announced that Raiffeisen Zentralbank Österreich AG (RZB) will implement SmartStream’s TLM Corona SWIFTNet E&I solution to decrease operational risk and improve customer service across its payments operations.

RZB is the central institution of the Austrian Raiffeisen Banking Group, the country's largest financial services firm and a long standing SmartStream customer. Raiffeisen also operates one of the largest banking networks in Central and Eastern Europe and is the first Austrian bank to implement SWIFTNet E&I, the SWIFT initiative to automate payment exceptions and investigations.

To support this project the bank has selected SmartStream’s TLM Corona SWIFTNet E&I solution, to create an integrated reconciliations and payments exception management platform. This will drive higher STP-rates for SWIFT-originated investigations, reduce exception processing costs and improve customer satisfaction and loyalty through shorter turnaround times for investigations and more comprehensive responses to inquiries.

Walfried Lemerz, Head of RBG & Infrastructures at RZB, commented: “Innovation and the use of cutting edge technology has always been very important for RZB as we aim to offer the best services to our customers. When we decided to implement SWIFTNet E&I, it was clear that extending our existing TLM Corona reconciliations platform would provide the fastest time to market for this important project. We have developed a successful relationship with SmartStream over many years and wanted to extend that further with this project. Being the first bank in Austria to implement SWIFTNet E&I will help us to stand out from our competitors and to impress our customers with even better services.”

Christian Schiebl, Executive Vice President at SmartStream, commented: “Having a strategic partnership with RZB for many years we are delighted that the organisation has once again turned to SmartStream to support its SWIFTNet E&I project. Extending their existing reconciliation and investigations platform will help to deliver a faster ROI and enable it to quickly deliver the payments exceptions and investigations functionality within SWIFTNet to its clients.”