With Kapow, Fiserv automated their compliance dashboard without building APIs for 300 banking partner applications.
Application Integration:
Financial Account Aggregation
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Aggregate balances and transactions across multiple banks in real-time
Whether you're trying to reduce financing costs or meet regulatory compliance requirements, corporate finance and treasury departments need real-time insight into financials such as working capital and cash flow. The most cost-effective way to do this is by automatically aggregating balances from company bank accounts and payment information from payment 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.
Attivio, a leader in unified information access, uses Kapow to automate web intelligence and integration with regulatory management systems.
Challenge
- Attivio needed to capture regulatory information from public websites, including content in JavaScript and PDFs, for their end-customer, a major financial institution.
Solution
- With Kapow, web data – including content in JavaScript and PDFs – is automatically fed into Attivio's Regulatory Active Management System, which runs on the Attivio Active Intelligence Engine.
- Attivio built a connector to their software so data output from Kapow robots is automatically transformed into the correct format.
Results
- Web data is collected automatically to support regulatory compliance.
- Based on their success with the financial company project, Attivio will be using Kapow robots to automate web data extraction on 200 additional sites.
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.
Automating web data extraction with Kapow improves the timeliness, comprehensiveness and accuracy of data for this consumer credit reporting agency.
Challenge
- Reduce operational costs and scale to consume more data sources.
- Improve timeliness, comprehensiveness and accuracy of data.
- Speed up aggregation and integration of personal consumer information from financial institutions and government sites to improve credit risk assessment.
Solution
- The Kapow platform automates web data acquisition.
- Kapow integrates this data with internal systems.
Results
- Increased efficiency and eliminated the delay, cost and errors associated with manual processes.
- Improved information products available for customers.
- Provided greater scalability for web data acquisition.