CASE STUDY
Success Story of a Dubai Bank’s Strategic Leap into Straight Through Processing in Finastra Equation
The journey of a bank towards straight-through processing for outward clean payments, partnering with ZetaRP for expert guidance and solutions.
Client Overview
A Dubai-based banking institution faced manual handling of Add Outward Clean Payments (AOP), causing time-consuming processes and increased errors. ZetaRP stepped in to streamline and automate the process, transforming transaction execution and reducing errors.
Challenges Faced
The challenges that ensued from the processing of Add Outward Clean Payments (AOP) are as follows:
- Prolonged turnaround times for transaction processing.
- Manual entry and validation processes increase error risk, potentially impacting data accuracy and financial discrepancies.
- Unnecessary user actions and reviews increase dependency on manual interventions, leading to operational inefficiencies.
- Redundant approval levels cause delays and error-prone processes.
Solutions Implemented
ZetaRP assisted the bank to streamline their outward clean payment processing and optimise their payment experience through:
- Implementation of Straight Through Processing (STP) model to eliminate redundancy and enhance operational efficiency.
- Modification of EQUATION level to handle automatic validations and postings.
- Creation of new APIs for seamless communication across transaction stages.
Results Obtained
- Reduced manual dependencies, enhancing efficiency and error reduction.
- Operational cost savings and faster turnaround times.
- Enhanced security and compliance, aligning with regulatory standards.
- Provided real-time visibility into transaction statuses, enabling quicker decision-making.
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