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

Want to learn more about how our solutions can help you?

Talk to our expert and see how you can get started.

Start Now Call now

Need Help ? ASK FIBO