PINQ supports payment related transactions
International money transactions have developed very dynamically in the last few years. The steeply rising number of transactions also comes with a steady increase of information exchange between financial institutions using SWIFT. An average of approx. 15 Million SWIFT messages is being sent every day.
This development has resulted in large investments by financial institutions, so that now more than 90 % of transaction processes occur automatically and correctly.
But what if a transaction is not processed automatically or does not arrive where it is expected?
According to a SWIFT survey of well-known financial institutions, up to 5% of all payment instructions lead to queries. There are significant weaknesses in the manual processing of these cases. These include:
- the lack of effective and efficient interfaces between demand intake and the back office
- an enormous workload caused by manual processing
- constantly rising processing costs due to increasing transaction volumes
- communication between the parties involved does not comply with SWIFT standards
- dissatisfied customers due to lengthy demand processes
Against the backdrop of the EU directive on the standardization of payment transactions, the requirements for the demand processing of transactions have become even more stringent.
PINQ automates, controls and answers inquiries in payment transactions:
- Efficiency is increased and costs are reduced: PINQ helps you avoid media discontinuity and multi-channel management. PINQ also supports XML formats, creates an electronic file and generates a complete case history.
- Regulatory requirements are met such as SWIFTNet E&I, Payment Service Directive (PSD), SEPA Investigations.
- Customer service is improved due to shorter processing times, inquiries can be answered qualitatively better, the process is transparent and transactions are easily traceable.
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Director Business Development
Phone: +49 6122 9176 0