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

Process Diagram

UPI and IMPS Complaints Automation

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