FINANCIAL TRANSACTION MANAGEMENT
Corona Confirmations is the multi-platform solution for the real time matching of Foreign exchange, Derivatives and Money market confirmations arriving from the our bank's Forex department with those of the partners and brokers.
Corona Confirmations allows for a matching rate of up to 90 percent. This extraordinarily high automatic matching rate is due to special features: Conversion of long texts and Standard payment instructions. Corona Confirmations also automatically recognises and processes SWIFT Amend and Cancel codes.
Corona Confirmations supports 2-way and 3-way matching. Retention periods that depend on the access area and the message type allow for keeping different messages in the system for different periods. Moreover, overdue times can be defined for each partner, message type and SWIFT code word in the overdue rule sets so that via the highly sophisticated inquiry function it is possible to select all overdue confirmations for further processing. In a multi-bank environment, Corona Confirmations even supports access area-dependent overdue times. By automatically identifying overdue, i.e. missing or incorrect confirmations, users can concentrate on exception processing and routine work is thus reduced to a minimum.
Corona Confirmations advantages
- processes the full range of standard SWIFT confirmation messages including forex (MT300), money market (MT320, 330, 350) and derivatives (MT305, 340, 341, 360, 361, 362). It also handles MT021 retrievals.
- allows for a connection to Corona Cash to include the payment side in the reconciliation process of foreign exchange confirmations. Corona Confirmations can start a cross inquiry for our items in Corona Confirmations, thereby checking the status of a booking related to a particular confirmation.
- supports the generation of standard statistics, such as statistics on the matching rate or netting statistics.
- additionally, due to an export function, list box data produced by Corona Confirmations can be exported into other applications and then sent to other departments as well.
- the Multi-bank version of Corona Confirmations allows several departments to work on the same system on up to three hierarchical access areas fully independently of each other. They can share static data, such as definitions of banks or currencies, while at the same time each institution can customize and view only their own specific data. When using several of SmartStream's reconciliation solutions, redundant data definition belongs to the past, since common data has to be defined only once for all applications.
- can automatically generate exceptions when confirmations are received and not matched within a set timeframe. Being closely integrated with Corona Investigations, mismatches and other exception cases can be alerted and resolved with minimal delay - providing a considerable reduction in operational risk.