Automatic Reconcile Fund connext and send email to AMC
Business Challenges
Banks engage in transactions with each other involving the trading of fund shares, a process which requires daily reconciliation of transaction amounts to be summarized and sent to Asset Management Companies (AMCs). This task is time-consuming due to the complexity and difficulty in pulling data and reconciling two different files. Currently, there are 12 client banks involved in this process. The manual reporting, combined with the intricacies of data retrieval and file reconciliation, significantly extends the time required to complete these reports.
Business Challenges
Banks engage in transactions with each other involving the trading of fund shares, a process which requires daily reconciliation of transaction amounts to be summarized and sent to Asset Management Companies (AMCs). This task is time-consuming due to the complexity and difficulty in pulling data and reconciling two different files. Currently, there are 12 client banks involved in this process. The manual reporting, combined with the intricacies of data retrieval and file reconciliation, significantly extends the time required to complete these reports.
Solution
To streamline this process, we have implemented a workflow that involves downloading and extracting data to Excel, capturing images to insert into Excel, and reconciling files from two different systems. The information is then entered into an Excel result sheet, converted to PDF, stamped with a digital sign-off, and finally, the reports are encrypted by a bot with a password (confidential) and sent to all AMC (Asset Management Companies) via email. This automated process, powered by Robotic Process Automation (RPA) technology, efficiently manages the complexity of the task.
Impact
The implementation of this solution has significantly improved the efficiency of the reporting process. By automating the data extraction, reconciliation, and report generation steps, we have not only reduced the time taken to process these reports by more than 80% but also minimized the potential for errors. This enhancement allows client banks to quickly and accurately provide necessary information to AMCs, thereby improving the overall service level in the financial sector. The use of encryption ensures that sensitive financial information is securely communicated, maintaining confidentiality and integrity in financial transactions.
