At last week’s 43rd annual SIFMA Operations Conference & Exhibition in Miami Beach, FL, Randy Barnes, our Director of Product Management had the opportunity to present with our friends at Thomson Reuters on delivering operational excellence. Randy’s portion of the presentation focused on delivering cost-effective operational excellence through straight-through-processing and client onboarding, while other members of the panel discussed exception capture and remediation and shared services.
In his presentation, Randy shared six key tenets of an effective STP solution:
- Good Data – Good data decreases NIGO rates and increases efficiency. When Client Onboarding eliminates the need to rekey data, your opportunities for inaccurate data entries lessens.
- Custom Rules – Customized rules ensure that only the right, relevant data is collected during the account opening process. They also ensure that requests comply with firm-specific policies.
- Integration – Integration points facilitate additional automation for processes like KYC, OFAC screening and rep license verification.
- Custom Workflow – With customized workflow capabilities, you can increase efficiency by making sure that only the appropriate requests are reviewed by the appropriate parties.
- Document Generation – Document generation capabilities eliminates unnecessary paperwork and guarantees that the correct required documents are completed.
- Easy-to-use – With any technology tool, an easy-to-use, intuitive solution enhances adoption.
Learn more about how client onboarding can promote straight-through-processing by downloading a copy of Randy's full presentation. You can download your free copy by clicking below.