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A Six Sigma type of quality management in international and high-value payments
Journal of Payments Strategy & Systems,
5
(4),
390-402
(2012)
Abstract
International and high-value payments typically show higher non-STP rates than high-volume (retail) payments. Methods of quantitative quality management can be used to improve process maturity, increase STP rates and reduce costs. By combining the benefits of outsourcing (resulting in processes with high maturity, defined SLAs, and reported quality performance indicators) with a ‘Six Sigma’ type approach, measured non-STP rates can be reduced significantly. Based on a long-term time series of ‘non-STP’ performance data, the results and economic benefits of such a combined approach will be shown and advantages and requirements will be discussed.
Keywords: payments strategy; process maturity; quality management; performance improvement
The full article is available to subscribers to the journal.
Author's Biography
Udo Milkau is Head of Strategy and Market Development for the business line transaction banking at DZ BANK. He received his PhD at Goethe University, Frankfurt, and worked as a research scientist at major European research centres, including CERN, CEA de Saclay, and GSI. He is also a part-time lecturer at Goethe University Frankfurt, where he delivers courses in transaction banking, and is a member of the Payments Services Working Group of the European Association of Co-operative Banks (EACB) in Brussels and of the Operation Managers Contract Group of the European Central Bank (ECB).
