Straight Through Processing (STP) is a process that 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.
STP is an absolute need and essence of all organizations as they spend millions for improving the speed and efficiency of business operations. STP gets even more critical for organizations with complex middle and back-office processes like in telecom, manufacturing or even capital markets. Even for the insurance industry, where STP is considered as the holy grail, it hovers around 60-70% at best for different product lines.
Achieving STP requires complete integration and transformation of business processes, application platforms and people. This involves considerable effort, cost and business risk. Even if an organization embarks on a transformation initiative, the as-is business and applications still need to be supported by using current practices for a considerable period until the transformation has attained a level of maturity. There is a dire need for a flexible solution that can navigate across systems, be it legacy or new-age SaaS applications.
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