Firco Preferred Correspondent

Implement a New Centralized Approach to Payment Routing

In a worldwide changing market, Financial Institutions are constantly looking for solutions to analyze market trends to develop and better position new products for correspondent and corporate clients. Correspondent Banks face multiple challenges such as the implementation of a Know Your Correspondent program, the increase of Straight Through Processing rates and the improvement of flexibility to serve Customers.

Implementing a centralized approach to payment routing facilitates the monitoring of Correspondents to match compliance and regulatory requirements, but also offers additional reporting capabilities to help drive market strategy while improving services and lowering cost by routing to best in class partners.

Firco Preferred Correspondent

is the solution offering more flexibility to Financial Institutions to:

• Address compliance & regulatory requirements
• Increase STP rates
• Enhance customer services
• Produce relevant reporting to help drive market strategy

Built on worldwide recognized Sword FircoSoft technology, Firco Preferred Correspondent offers highly efficient features:

Business intelligence to capture payment knowledge operator

• International payment routing has traditionally relied on either hard coded rules or a payment operator’s individual knowledge
• A central rules and correspondent database makes the update of a payment routing schema more flexible
• This central repository eases core banking system migration by extracting the business intelligence from the payment system

Increase of STP rates

• Reduced manual routing thanks to the FIRCO Copyright Artificial Intelligence techniques
• Minimized risks of errors in routing

Generation of enhanced reports and statistics on the payment activity

• Vision on the activity with correspondent, country, currency
• Enhances short-term and long-term strategy