SmartStream, the financial Transaction Lifecycle Management specialist, today announced that Raiffeisen Bank International (RBI) has gone live with SmartStream’s TLM Corona SWIFT E&I solution, lowering exception processing costs and improving customer service across its payments operations.

RBI operates one of the largest banking networks in Austria and Central and Eastern Europe. RBI, a long standing SmartStream client, is also the first Austrian bank to implement SWIFT E&I, the SWIFT initiative to automate payment exceptions and investigations.

To support this project the bank selected SmartStream’s TLM Corona SWIFT E&I solution, to create an integrated reconciliations and payments exception management platform at its shared service centre in Vienna. The solution will support RBI to reduce exception processing costs and improve customer satisfaction through shorter turnaround times for investigations and more comprehensive responses to inquiries.

Walfried Lemerz, Head of RBG & Infrastructures at RBI, commented: “For RBI, being an early adopter of SWIFT E&I gives us a competitive advantage. When it came to choosing a solution to support our objectives, 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 continue that with this project.

Besides laying the foundations for future growth and scalability in our business it also ensures rapid responses to payment exceptions enquiries. With the solution in place, client cases are now handled in a more accurate and timely manner. The benefits of greater automation, such as reduction in processing costs and efficiency gains will multiply as more of our correspondent banks begin to use SWIFT E&I.”

Christian Schiebl, Executive Vice President at SmartStream, added: “Having a strategic partnership with RBI for many years we are delighted that the organisation has once again turned to SmartStream to support its latest infrastructure project. The bank has built a significant expertise in TLM Corona and extending this for payments exceptions and investigation with SWIFT E&I has delivered a successful new project.”