The advantages of Straight-Through-Processing
The concept of Straight-Through Processing (STP) is already fully accepted and implemented at financial companies worldwide and in the Caribbean this method is increasingly used. Thanks in part to Twinfield Caribbean, more and more companies are becoming acquainted with STP and in this blog post we will explain this method and the benefits this has for your company.
What is STP?
Straight Through Processing is a process that financial companies use to speed up their transaction processing time. The main point of STP is to allow companies to have the same information be streamlined through a process across multiple points.
This limits the manual process for employees of having to keep entering the same information over and over again or checking to ensure a transaction fully processed, which raises chances for errors. Instead, STP allows companies to share information electronically in order to share information in a quicker, more secure and effective manner.
The benefits of STP
- The virtually instant transfer of information and automation of processes result in speed and cost savings so companies can focus on the growth of their business
- With the instant transfer and automation, there will be less room for errors in the process. Which in return will save companies money and increase their productivity
- By switching over to STP companies will get a chance to analyze what processing are working and not, which provides the opportunity to change company structure and job functions to streamline business processes
- By providing your customers more security with electronic over manual processes, as well as shortening the length of the transaction process, customers will feel more confident doing business with your company.
- A business with a strong STP structure will make it so their employees can find information easier, answer customer questions faster and providing a more personal customer experience
Twinfield Caribbean & STP
For many companies in the Caribbean, the way in which the administration is conducted is often still manual. Figures are entered manually in the accounting system, then printed out and entered again in the bank’s system. This can and should be easier.
At Twinfield Caribbean we use multiple automated systems that connect to each other for a fast, correct and efficient handling of transaction processing time. Directbank Link, Basecone and Twinfield are indispensable links in the transaction process with your bank.
It’s time to adopt STP processes so you can start focusing on growing your business and start automating your accounts receivable process and get paid faster.
For more information about how Twinfield Caribbean can help simplify your financial processes, contact us today. Call +599 9 666 73 37 or send an e-mail to email@example.com