Appian at Money 20/20 — Cross-border Payments in the Digital Age
Money 20/20 is just a week away, and the Appian team is getting ready for lots of great networking and conversations about our exciting partnership with SWIFT.
Challenges with Cross-Border Payments
Safe and efficient cross-border payments are vital for economic growth and financial inclusion. Yet traditional correspondent banking networks are getting bogged down by increased transaction volume. Meanwhile, financial institutions are feeling pressured by proliferating real-time domestic payments services, the growth of e-commerce, and FinTech innovators offering low-cost international payments. Furthermore, up to 10% of cross-border payments today lead to an exception or inquiry. These issues slow down payments which results in a bad customer experience and significantly increase costs, as exceptions management typically incurs 20-35 times more expenses than payment processing. Inter-bank efforts to resolve issues often involve multiple requests and responses, via messages with unstructured data and unstandardized formats, across chains of banks. The result: time-consuming, inefficient and costly processes.
To overcome these inefficiencies and thwart off new entrants from FinTech and Big Tech, financial institutions need frictionless case resolution. The solution must easily integrate into existing environments, provide a centralized workflow and audit trail, and operate on a standardized ISO 20022 format, enabling a structured exchange of requests and responses. The solution must also offer dynamic case management, enabling unified interactions and ultimately better customer service.
Introducing the Appian-SWIFT Partnership
In response to these challenges, Appian is providing payment investigation and case resolution for issues that occur with SWIFT Global Payments Innovation (gpi) cross-border transactions.
When partnered with SWIFT, Appian, a leader in dynamic case management, can drastically improve the customer experience and increase operational efficiency. This enables quick and frictionless resolution of operational, compliance and regulatory issues throughout the cross-border payments chain. Banks are able to interact in a far more dynamic, efficient, and transparent manner, making payments faster, smoother, and more efficient with better customer service.
See You in Las Vegas
For a full schedule of events, visit the official Money 20/20 website. Stop by booth #5034 to meet our financial services executives. We look forward to seeing you! In the meantime, learn more about Appian’s low-code digital platform at the Appian Financial Services Resource Center.