Sterling claimed that the Total Payments Solution would help financial institutions reduce payment processing costs by increasing straight-through processing levels, automating exceptions while in-flight, and improving visibility and management across all payment streams.

Sterling Total Payments integrates all payment channels into a single view by building a payments services hub that improves the management and control of payments exceptions, management for domestic and international payments, and compliance. Integrated payables give bank customers the ability to send mixed payment types in a single file, thus reducing costs and improving efficiencies for customers while generating additional revenue for the bank. To support integrated payables, Sterling Total Payments enables banks to support bulk payment files and accept an integrated payables file from their customers.

The new version also enhances the solution’s configuration and processing management capabilities to expand the solution’s any-to-any transformation and translation capabilities, providing the ability to identify which payments should be transformed from one payment standard or message type to another.

Jim Gahagan, global financial services industry executive at Sterling Commerce, said: “Many financial institutions continue to have disparate payment systems by channel and by payment type, leading to fragmented visibility, control and exceptions handling, which is costly and it also exposes them to greater risk. In looking at common customer requirements, Sterling Total Payments handles up to 80% of these common requirements as standard features. By limiting customization, we help banks ensure project success in assembling a payment services hub better and faster.”