Solutions for Banking

Our solutions for banking have been developed to help you seamlessly process information, have tighter control and access to that information and meet regulatory compliance obligations

In order to confidently manage the huge volumes of  ‘paperwork’ generated  in the banking industry, you need to overcome a lot of challenges – such as how to cope with the huge peak in ISA applications at the end of the tax year and the implications to the bottom line if you don’t manage to recall funds from bounced cheques within the 5 hour deadline.

Segregation of Duties (SOD)

Our Segregation of Duties analysis solution is an automated internal control that takes line data feeds from all systems and runs a monthly check/analysis to identify any fraudulent activity and generates reports.

Sarbanes Oxley compliance  states that no person should be given responsibility for more than one related function.

The person responsible for purchasing should not also be responsible for its payment and therefore in a position to be able to manipulate the system for financial gain

Internal auditors have the responsibility of reviewing employee tasks and transactions to identify potential SOD conflicts and make recommendations to minimise their impact.

In an organisation that uses enterprise resource planning (ERP) technology to integrate its business and information processes many users will have access to the company’s system, each with authorisation to perform multiple transactions.

Such high levels of activity mean that testing SOD controls is challenging.

Regular Payment Processing

Our Regular Payment Processing Solution electronically captures inbound faxes and turns them into images.  It speeds up the verification process for operators by replacing the mouse click with keyboard commands, further speeding up this time critical process and increasing productivity.

Examples of Regular Payment Processing:

• Standing Orders and Direct Debits need to be generated, changed and cancelled on a daily basis
• Money needs to be recalled due to insufficient funds

This is very high volume processing, so checking line items visually on paper forms is still the most efficient way to verify the information.

The Process

• Completed forms are faxed from all branches for centralised processing
• Once these inbound faxes have been captured into electronic images, bespoke workflow is implemented which presents the relevant information with the correct SLAs onscreen to operators

Time Saving

As the process is time critical, even clicking with a mouse to perform a task/confirm verification wastes too much time – saving ½ second on a line item has a massive cumulative impact on increased productivity.

The solution replaces mouse-clicks with a hook procedure that monitors low-level keyboard input – thus saving delays in opening documents and moving the cursor between windows.  An electronic processing stamp linked to unique business rules for the type of document allows users to quickly ‘stamp’ completed forms.  This is as fast as paper verification, but with the added benefit that it is totally transparent and intelligent.

ISA Management

Our ISA Management Solution provides real-time management and volumetric information for the ISA application process.  It is fully compliant and delivers a full audit trail/proof for the Inland Revenue.

Applications for ISAs peak at the end of the tax year, which creates a huge administrative burden for banks.   ISA applications were also up 52% for the start of the 2010/11 tax year compared to the start of the 2009/10 tax year – so it is a growing problem to deal with.

If applications are not processed in time, people don’t get their ISAs and banks lose revenue

The usual way of coping with this increased volume of applications – which can be manually completed by customers/applicants at branch level or online – is by employing more staff.

The ISA Management solution allows banks to ‘capacity plan’ – smoothing out the huge volume peaks in processing

The Process

• White mail and forms are captured/scanned into electronic format
• Online forms are sent via an electronic data feed and securely transferred
• ISA applications are pushed into automated workflow for processing.

Cheque Clearing/Recall

Cheque volumes are huge and not suitable for traditional workflow.

Recalls are received by fax to a centralised offshore operation in India.  There is no permission to print fax in India, so paper processing is not an option.

Our solution puts the paper ‘on-screen’ and takes away the task of the operator having to constantly mouse-click to verify information.   Time is saved and deadlines are met using less people.

The Drivers

• When a cheque is paid into the bank, the funds are straight away paid into the customer’s account
• It is not until further down the clearing process that the decision to recall a cheque because of insufficient funds is made
• The bank then has just 5 hours to recall the funds
• If deadlines are not met, the bank’s money remains elsewhere – ultimately hitting the bottom line.

More information

Please use the menus above for more information. Alternatively you can call us on 01962 835053 or email sales@processflows.co.uk.