Client type
Top tier bank
Key stakeholders
Middle/Front Office
Location
Global
Project outline
- A complex cash administration process that was struggling with managing the daily transactional volumes across thousands of portfolios and accounts
- Straight-through-processing transformed the business – moving from a manually intensive process to managing cash on an exception basis
- Implemented globally to ensure consistency and scale across the organization
The Challenge
Our customer had various cash management processes that covered
- Cash and position reconciliation
- Payments
- Detailed reporting to clients and other counterparties
- Complex upstream and downstream workflows
- Approval and review procedures
These processes had evolved over time and included too much manual intervention/reliance on spreadsheets. In a period of strong growth it was necessary to add more headcount, slowing down their ability to onboard new business and produce timely reports.
Our customer identified the opportunity for streamlining the cash administration and associated activities and engaged StructureIt to design and implement a solution.
How StructureIt helped
Reconciliation
As a starting point, we deployed a centralized platform for cash matching.
Integrations were created to feed bank transactions from:
- Internal banking systems
- External accounts (via SWIFT/ BAI2 flies)
With huge volumes of “bundled” cashflows, matching logic was deployed to enable automated matching with 100% accuracy (where achievable).
Reporting
As a next step, StructureIt tackled the key reporting requirements which fell in to two categories:
- Internal reporting for MIS/regulatory purposes
- Enriched reporting to clients
With a centralized and standardized reconciliation process, MIS reporting was easy to generate. The need for customer reports which were more complex than a standard cash reconciliation was satisfied by integration with upstream administration systems.
Payment and workflow processing
A subsequent stage was to establish a connection with the bank’s payment systems in order to remove manual steps that were previously part of the payment process.
Alongside this, on top of this robust foundation, it was simple to bring more efficiency and control with additional workflow integrations.
Additionally, we created the ability to deliver information to external parties in a format they desired (without changing any of our underlying processes)
The Results
Cash administration became a highly automated process:
- Accounts are now managed on an exception only basis
- Further integrations with upstream systems eliminated the need to manually update these systems with cash data
- The excess capacity this created within the team allowed them to bid for, win, and take on more deals without linear cost increases
- Improved timeliness created a better customer experience
- Following a successful regional implementation of this solution, it was adopted globally: rationalizing and standardizing processes globally
Collaboration, on your terms
We collaborate with you to develop personalized software solutions that contribute to your business growth in the capital markets