Bank Settlement Reconciliation Automation
Industry - Banking & Financial Services
Implementation Time - Within 5 WEEKS *
Key Challenges
Several actions were taken manually during the process and making the bank settlement reconciliation more complex, monotonous, and time-consuming tasks to handle.
Some of the key challenges were:
- Managing High volume business processes every day
- Time for processing was incredibly high for manually reconciling the data.
- Laborious as a manual correlation of large and multiple data sources are needed.
- When it comes to complex data files, chance having a high rate of human errors.
Our Solution
Our RPA solution approach was ready to improve the customer's output, by automating and eliminating the time-consuming Bank Settlement reconciliation process.
- RPA bot with its intelligence to read data from all the input files does require validation and checks on data as per the set business rule.
- Bot performs reconciliation of MNSB data with NPCI data and Finacle data.
- Bot generate the Final settlement Report and create a TTUM file and mail it to concerned stakeholders.
Automation Benefits
Deployed RPA bots get to automate the end-to-end process and brings forth several benefits
- Reduce operational cost by 75%
- Improved consistency and quality with a 0% error rate
- Improvement of Service levels from - 45min to 7 min
- Improved staff retention - By reducing high volume low-value work to shift the focus on complex/value-driven task
- Increase in scalability
- Bot running 24/7 increase the performance output rate of the process
