Claims management: the last piece of the automation puzzle
Manual processing of payable and receivable claims is a costly and time-consuming activity for banks, custodians and broker-dealers. Each item requires a one way notification to be compiled, sent, accepted and processed, with multiple emails, faxes or letters often required before a claim is matched.
Multiply this by the number of claims you handle – thousands per day for some banks – and it’s easy to see how claims management can be a drain on resources.
In an environment of increased cost saving and regulatory pressure, the need to automate the claims management process has never been more acute.
SetClaim, our new automated receivables and payables matching service, enables you to achieve fast and efficient two-way matching of claims throughout their lifecycle and with multiple counterparties.
- Reduced risk and cost – improving efficiency via automation and netting
- Balance sheet optimisation – funds are more quickly available for use elsewhere
- Full audit trail – automated issuing, tracking, chasing and settlement of outstanding claims
- Increased operational efficiency – frees you up to focus on other tasks and managing exceptions
- Scalability – easily handle any volume of claims
- More control – overview of activities across currencies, markets, instruments and counterparties
How to get started
SetClaim is easy to set up and use, and we offer multiple connectivity options, depending on your needs.
For a free business case analysis based on your current claims activity, contact your Relationship Manager or Nathan Hunt at:
- +44 (0)207 849 0463
The service is now available for the matching of claims relating to dividend and coupon payments, and will be gradually extended to other claims processes, including: interest or tax payments, mortgage pricing resets, commissions, brokerage fees and underlying cash flows from bilateral derivative positions.
SetClaim was created in conjunction with Merit Software, a leading provider of claims management solutions to banks and broker dealers.
This service expands upon Euroclear’s long and proven track record of providing automated reconciliation of securities transactions for market participants worldwide. With SetClaim, you can benefit from the same safe and efficient reconciliation of your claims as well, allowing you to further reduce complexity, lower costs and mitigate risks.