Quality test demonstrates high STR again in Cash payments
The October 2015 quality test focusing on Cash Payments demonstrated very good results:
| Cross Border Cash Payment | 2015 | 2014 |
| Straight Through Rates | 98% | 98% |
| Compliance with SLA (‘notification sent to beneficiary’) | 98% | 88% |
The Eurogiro Service Level Agreement stipulates that a receiving financial institution must send a notification to the receiving client on the day after Value Date at the latest. The test demonstrated that members achieved this with 98% of the tested transactions. This is a considerable improvement to previous tests.
Thorough documentation and sharing of reasons for quality breaches is part of the test. Also this time, the participants provided detailed explanations and worked together to eliminate reasons for quality issues.
High STR enable Eurogiro members to process cost efficiently and therefore offer competitive prices to their clients. The high STR is at the same level as in previous tests.
The test is performed on real transactions and was the first in an updated test scheme. In this test, more members participated in both the STR test and the test of SLA compliance. Participants had to deliver less manual work to participate, and many members contributed with detailed documentation to facility improvements.
The next test will be early next year and will focus of credit transfers.