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Foriegn Draft and Remittances

netvoyager delivers integrated end-to-end processing of foreign drafts to minimise errors and improve accuracy and efficiency. The solution puts greater control and accuracy at the forefront of the processing of foreign drafts across the organisation, ensuring specialists in the organisation have the correct information available to complete transactions swiftly and cost effectively. The netvoyager approach provides:

  • Full audit controls to ensure correct procedures are followed and automatic verification of transaction details to improve accuracy.
  • Transaction tracking between branch and central clearing reduces manual rework.
  • Automated links to inter-bank funds transfer systems such as SWIFT reducing re-input of data.
  • Accurate and verifiable multi rate transactions, pre booked rates and commission calculations.

This solution allows tellers to deal with customers at the point of contact. This also provides a fast and efficient service with minimal overheads whilst meeting regulatory and compliance requirements.

Improve Management of Operational Risk

Processing items such as foreign drafts and foreign remittances (foreign cheques and traveller cheques) is a service offered by most retail banks. While this can represent a significant contribution to the profitability of the retail organisation, the nature of the business carries with it the potential for significant overhead due to the frequent manual or disjointed processes. netvoyager offers a solution whereby:

  • Procedures and instructions may be routinely incorporated into the design of the system ensuring consistent and accurate completion of transactions.
  • Productivity is improved by removing the reliance on manual technical verification of foreign items by experienced staff.
  • Electronic tracking of transactions between the branch network and central clearing processes significantly reduces potential loss and mismatch of items. This increases the efficiency and accuracy of the process.
  • Electronic input of data to interbank funds transfer systems such as SWIFT eliminates the keying errors that can incur losses if transactions are rejected by correspondent banks.
  • Electronic process reduces the operational risk and possible fraudulent intervention.
  • Multicurrency transactions can operate across two jurisdictions.
Unique Processes, Operational Efficiency

netvoyager offers a flexible workflow solution to manage foreign transaction processing that can be adapted to match an organisation's unique operational processes and procedures. The agility of this solution can be recognised in delivering the operational efficiencies demanded by business units under pressure to process greater volumes of work while maintaining service levels cost effectively.

Return on Investment

Return on Investment for an implementation such as this can be measured in a matter of months in the following core areas of operation to increase efficiency and service levels:

  • Fraud reduction
  • Improved customer service
  • Income generation
  • Cost reduction
  • Exchange loss reduction
  • Improved management control
  • Reduced training costs

Fraud Reduction

Foreign Drafts are printed automatically. This removes the requirement to produce hand-written drafts, which are easier to alter than printed material.

  • Reduces potential fraud through the automatic generation of financial entries and the capture and validation of all draft and cheque information at the front end.
  • Provides a clear and instantly available audit trail for all transactions.
Site last updated on March 20, 2008