The client
Our client, one of the leading banks in Europe, wanted to implement an enhanced payment screening workflow tool to produce a leaner and streamlined process for payment screening alerts from receipt to decision.
Business Challenges
Our client faced critical inefficiencies in the payment screening process. The existing system lacked:
- Automated filtering: No system existed to automatically filter inbound and outbound payments, leading to significant manual work and delays.
- Efficient alert routing: Alerts were not routed to the appropriate teams, resulting in breaches of service level agreements (SLAs) and customer dissatisfaction. Manual email forwarding further complicated the process.
- Centralized data access: No single system consolidated all relevant data for decision-making, hindering efficient resolution of alerts.
- High error rate: Manual identification of alerts prone to errors, leading to potential compliance risks and delays.
- Excessive handoffs: Multiple team handoffs slowed down the decision-making process and impacted overall efficiency.
Coforge Solution
Coforge Pega team built a complete payment screening solution which includes a fully calibrated system. It filters inbound and outbound payments, reducing the number of handoffs to reduce SLAs.
The solution customized work queue based on user roles and prioritization factors helped reach decisions more quickly for those prioritized alerts.
We automated the decisioning based on discounting principles to reduce the number of false positives. This reduces the number of alerts that require manual intervention.
Solution also helped in operational reporting to produce a clearer, real-time view of payment screening and optimize resource allocation.
Result
- Smart alerting and routing to get the alert to the right person so that decisions can be made quickly.
- System to provide a centralized view of core and key information to aid the payment screening decisioning process.
- Reduction of lag time needed to produce and analyze operational reports per day by 50%.
- Reduction of level-2 stage time spent on an alert by 20%.
