Do your banking operations rely on manual processes running on discrete,legacy systems?

Virtusa / Robotic Process Automation / RPA-Banking & Financial Services

Although front offices of financial institutions have become increasingly digitized, back offices continue to contend with very manual processes that are running on fragmented legacy systems. Transaction volumes continue to increase and the regulations governing these transactions continue to become more stringent. To accommodate this increase in work, banks need to maintain large teams across the globe to manage processes such as customer onboarding, loan operations, know your customer (KYC), post-trade processing, trade finance, and regulatory reporting.

Robotics has a disruptive effect on operations. The combination of rule-based robotic agents that work on structured data sources with artificial intelligence that processes unstructured data results in maximum possible STP, reduction of manual effort, more efficient and less error-prone processes. With robotics, banks can reduce operational expenses, achieve better regulatory compliance, and increase transaction processing capabilities.

Virtusa combines deep banking process knowledge with custom robotics solutions for all areas in banking.

Intelligent Automation for Capital Markets Operations

Automate post trade operations across asset classes

Intelligent Automation for Capital Markets Operations

There is a lot of manual activity in post trade functions such as trade validation, confirmation, settlement, position reconciliation, and fails management. Our solutions apply cognitive robotics to integrate with disparate trade back-office systems and work with unstructured data from counterparty communications to  help to reduce the trade lifecycle and ensure regulatory compliance.

Derivatives Operations Transformation

Virtusa implemented a solution to read unstructured data from counterparty communications using machine learning and settle cash movements for cleared derivatives

Trade Confirmations

We used robotics and machine learning combine to pick up FX Trade Confirmation messages from counterparties, extract information, and enter a confirmation status in trade systems

Intelligent Automation for Trade Finance

Faster and more efficient import/export processes

Intelligent Automation for Trade Finance

Trade processes are document heavy and consist of multiple systems used by middle-office and back-office teams for processes such as letters of confirmation, guarantees,  payments, and financing. We apply machine learning to classify and extract information from trade documents like invoices, bills of lading, and certificates. We use RPA to enter data in trade finance platforms and payments systems.

Import Payments Transformation

Virtusa implemented a solution to ingest trade documents and process payments for imports. A robotics solution was built on top of systems for trade finance, pricing, and forex rates.

Letter of Credit Process Transformation

We optimized Letter of Credit processes by automating the reading of data from Letter of Credit requests and the generation of SWIFT messages

Intelligent Automation for Retail Banking

Optimizing turnaround for loan processing, cheques, and cards

Intelligent Automation for Retail Banking

We help you achieve better and faster customer service with the application of intelligent automation in retail banking. With cognitive robotics you can achieve end-to-end automation in areas like loan origination, cheque processing, card processing, and customer service.

Cheque processing

We implemented a solution that leveraged optical character recognition (OCR) and machine learning to understand hand-written letters and numbers in cheques to significantly reduce the maker effort in cheque processing.

Loan origination

Virtusa maximized STP in loan processing by using a robot to scan emails, read incoming loan applications, extract information from forms with  OCR, and enter data into a loan platform.

Intelligent Automation for Corporate Loans

Integrate discrete processes used for corporate loan processing

Intelligent Automation for Corporate Loans

Corporate banking processes are manual, repetitive, and document heavy. Intelligent automation helps to classify documents, extract unstructured information, and integrate with corporate loan and cash management systems for end-to-end process automation.

Loan agreement processing

Virtusa built a solution to process corporate loan agreements and extract unstructured information from multiple page documents and feed that data to downstream systems

Intelligent Automation for Payment Operations

Reduce the manual effort for payment repairs and sanction screening

Intelligent Automation for Payment Operations

Payment processing can be highly manual and error prone, and banks have huge teams to manually review payments in repair queues and also to review payments flagged by sanctions checks. We have built smart templates for all major payment message types along with connectors for industry applications used for payments to help reduce the manual effort required in Level 1 screening.

Payment Sanctions Screening Transformation

Virtusa reduced the manual effort for false positives in sanctions screening by integrating with FircoSoft and pulling messages that were then fed to a machine learning model to determine false positives that could be automatically cleared from the Fircosoft queue

Payment Repairs process Transformation

We built a solution to pick up messages from the payments repair queue and error codes and fix attributes like sender and receiver information by looking up internal systems. Reduced manual effort for common payment error scenarios.

Intelligent Automation for Client Lifecycle Management (CLM)

Maximum STP in client onboarding and KYC

Intelligent Automation for Client Lifecycle Management (CLM)

Our solutions for CLM integrate with commonly used platforms such as Pega and Fenergo and also with external systems used for KYC. In addition, we use machine learning to automate various document-processing tasks in CLM processes. This combination of rule-based robotics and machine learning reduces a significant amount of manual work involved.

KYC Remediation Transformation

We built a robotics solution to automate the extraction of information from regulator websites and also automate politically-exposed person (PEP) checks that need to happen when onboarding an institution or client.

Contact Us

    Yes, I want Virtusa to keep me up-to-date with recent industry developments including insights, upcoming events, and innovative solution capabilities according to the privacy policy
  • This field is for validation purposes and should be left unchanged.