The Client
U.S. Top 20 Retail/Commercial Bank
Challenge
- Many high value fraudulent checks hitting the accounts every day
- Bank’s customers required all their items updated at the start of the business day
- Unable to meet turn times and deadlines due to frequent volume fluctuations
Solution & Execution
- Mismatch between truncated checks and items presented were transferred to a digital “interrogation” queue
- Account Reconciliation specialists researched suspected items and decided whether to pay or suspect
- Dedicated team of 10 FTEs to perform reconciliation in Payee Positive Pay, Positive Pay and cross-trained others to manage volume spikes
- A 3 hour turn time early morning shift was created to meet the day's first deadline
- Suggested automated reporting of exceptions via a vis manual tracking
- Suggested additional queue for check value >10K for second review to prevent invalid approvals
Value Delivered
- Significant saving and increased customer satisfaction
- 83K checks amounting to $330 Mn in last one year were identified as suspects & averted loss to the bank
- Improved customer satisfaction by Processing 100% previous day’s volume before start of the day
