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success story

Virtusa Imported Payment Process Automation in Trade Finance

Our client, a tier 1 US bank, has a comprehensive global trade finance system that processes transactions from initial registration to final liquidation in operations across consumer, corporate, and investment banking with more than 200 million customer accounts in more than 80 countries.

 

 

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The challenge

Our client wanted to achieve process excellence in their trade finance back-office processing operations. The bank's global market business and client operations were looking to optimize processes that relied heavily on manual labor and improve processing efficiency.

The solution

  • Our trade finance operations experts identified processes suitable for automation
  • We assessed the impact on day-to-day operations to design the target operating state
  • The following processes were selected for automation in the first phase of implementation:
    • Audit confirmation
    • Import payments under LC-Sight Bills and Usance Bills
    • Import payments under Collections - Sight Bills and Usance Bills
The Solution

The benefit

  • Highly efficient trade finance operations
  • Always-on robot to process trade transactions
  • ~5x faster trade finance processing

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