With Kapow, Fiserv automated their compliance dashboard without building APIs for 300 banking partner applications.
Process Automation Solution:
Financial Account Aggregation
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Automate access to hundreds of banks without APIs or custom coding to gain real-time insight to transactions, balances, and cash flow
Whether you need to cut down on financing cost or achieve regulatory compliance, corporate finance and treasury departments need real-time insight into financials such as working capital and cash flow. The only cost-effective way to achieve this is by automatically aggregating balances from company bank accounts and payment information from agencies.
Featured Customer Success Stories in Financial Account Aggregation:
Challenge
- Fiserv was struggling with regulatory compliance on high volume transactions across 300 global banking partners and went without the automated compliance dashboard they needed for 3 years.
- As processing load grew to 10,000 transactions totaling $1 billion each day, manual processes became unsustainable. Many errors were occurring due to manual web intelligence and reconciliation.
- Real-time cash balance account data access and integration was essential, but developing APIs for 300 highly secure banking applications was out of the question. They had tried and failed.
Solution
- Today, Fiserv uses Kapow to automate data gathering and aggregation from banking partners' internal web-based applications.
- Kapow robots gather and transform information from these external systems and bring it together with data from Fiserv internal systems and data repositories to create meaningful BI.
- With Kapow, a management dashboard is available that enables treasury associates to track KPIs including debt balances, cash flow and net settlements so they can make informed financial decisions in real time.
Results
- Kapow completed a POC in 2 weeks and went live across 300 banks in 3 months.
- Automation reduced Fiserv staffing requirements by 2 full-time equivalents.
- They now have real-time access to global financial data and automated processing of over 10,000 Treasury transactions per day to meet regulatory compliance requirements
- Using robots in tandem with dashboard reporting has enabled Fiserv to consolidate funds for investment, which generates more revenue/income and reduces the number of draws from its credit facility.
Haspa, the largest savings bank in Germany, saved time and staffing costs by automating new account creation.
Challenge
- Haspa wanted to automate their new account creation process, a manual process with over 25 steps that required interaction with multiple systems in the front and back-office.
- Their existing process required 2 full-time employees to handle approximately 125 new accounts created each day.
Solution
- Using a small number of Kapow integration robots, the entire process has been automated.
- Data flows automatically between the front-end and back-office systems.
- Run rate is about 125 new accounts per day.
Results
- New customer account creation time was reduced from 10 minutes to 1 minute per account.
- 2 employees were redeployed to other bank activities, resulting in significant cost savings.
JB Hunt, one of the largest transportation logistics companies in North America, keeps trucks running at capacity by harnessing real-time web data with Kapow.
Challenge
- Reduce freight costs by filling all trucks on all routes to capacity.
- To achieve this goal, they needed real-time access to relevant information from diverse sources, including logistic and payment information, but access to secure/external databases was seemingly impossible.
Solution
- Kapow web intelligence robots enable them to monitor public and partner websites for freight bid information in real time.
- They can integrate data from hundreds of partners and companies within a complex value chain.
- Data flows are integrated using web application interfaces. This eliminates the need for manual copy and paste between systems.
- The solution provides mobile access to application data, crucial for a transportation company.
Results
- More trucks are running with full loads, reducing freight cost per mile.
- Automating data integration has reduced cost (and errors) associated with manual data entry.
- Real-time visibility into partner logistics drives increased margin, revenue and customer satisfaction.
- CFO has a real-time view of cash flow.