Transaction Watch, monitors and analyzes ‘received’ and ‘sent’ transaction message traffic against industry defined best practice guidelines. The tool then identifies non-compliant messages both qualitatively and quantitatively.
It identifies their source and destination, which allows financial institutions to focus on potential problems.
Message failures due to misused field formats in both domestic and cross-border transactions can significantly increase the cost of processing these transactions.
By identifying these situations, firms can take steps to automate and correct the situation, providing a more efficient and accurate process, while reducing risk.
Transaction Watch also provides volume and value data for comparing an institution’s performance against worldwide, country, or peer group averages.
Financial institutions will have the option of subscribing to Transaction Watch on an annual basis, receiving either monthly or quarterly reports depending on the frequency requested, or on a periodic basis.