We have a number of clients that are linked with major banks. These clients are fortunate in that they can potentially have preferential access to banking and investment data that an otherwise independent business would not.
This is a major challenge for any business that has to process volumes of transactional data and without automation, can significantly increase the overall cost of administering an account.
Couple this, with multiple jurisdictions over which transactions take place and an effective straight-through process becomes a necessity to contain those processing costs. We are delighted that this customer is adopting our straight-through processing capabilities for their Mauritius, Geneva and Jersey offices.
Touchstones’ new ability to provide a direct connectivity to the SWIFT network is a significant benefit for those financial institutions that do not already have automated banking, payments, statement and investment processing capability.
Further details will be published on TouchstoneOne.com in due course.