Banks deal with a lot of documents and data from every document has to be manually entered into the system which is time consuming. It has to be compared with supporting documents which again is time consuming.  Also, it requires a lot of manual checks with various departments to know the integrity of the case; this impacts the performance, productivity and makes the entire process slow

AutoRec Agile Capture Platform has automated the Capture of data from the documents and has also automated the manual approach of checks with various departments by integrating them through API and bringing them on One Platform thus making the Product One Stop Solution and hence reducing the TAT from 48 hours to 90 minutes.

Trade FinanceBanks deal with Documents and not Goods…….!

Trade finance remains one of the most complex banking businesses to automate, owing to intricacies in international trade practices. There is a lag in the entire trading life cycle due to document intensive transactions, multiple process stages and lot of manual checks. Trade finance for banks is labor, process and paper-intensive and as such, paper-intensive processes can impede transaction efficiency, and reduce visibility on both the physical and financial aspects of the transaction. In order to overcome all these difficulties ranging from labor, process and paper intensive including multiple manual checks which takes around 2-3 days for each transaction to complete. We have come out with an end-to-end automation in TradeFinance domain which reduces the TAT to 48 Hours to 90 minutes.

Working

• Auto Classifies the TradeFinance Documents such as BOL, AWB, Invoice, Draft, Certificate of Origin, Packing List, Cover Schedule etc from multipage TIFF or PDF Files.

• Auto Captures Data points from structured, semi-structured and unstructured documents through OCR Technology.

• DocCheck – Comprehensive document checking rules as per ICC, URC, ISBP etc

• Apply any complex Business Rules

Apart from Auto Extracting the Data points from the documents and applying the Business Rules, TradeFinance involves a lot of manual checks with various departments in order to verify the integrity of the case. This is a very time consuming process and may extend from hours to days to get completed. Autorec Agile Capture Platform is designed in such a way that it integrates with any API and shows instant Results.

Successfully Tested System Integrations on Autorec

• Compliance Check

• Vessel Tracking System Autorec integrates with Third Party solution to show Vessel Tracking information of the respective transaction on Autorec Agile capture Platform.

• Swift Messages Real time matching of terms of credit from MT700 / 707 field 50,59,32B,43P,43T,44ABC,45A,46B etc.

• Customer Info Autorec integrates with the Core Banking System to show Past Due, Available Limits, Balance Amount and Signature of the Customer on AutoRec Platform

• Core Banking System Autorec works as a Plug and Play product when connected to Core Banking System. Data Captured from the documents can be transferred to Core Banking Systems like Flexcube, Finacle, Bank Trade, Eximbills etc.

• DMS System Autorec integrates with DMS systems like FileNet, Documentum, Intellect, OmniFlow etc to acquire images

Advantages

• TAT reduced from 2-3 working days to 12 minutes.

• FTE reduced by 50%

• Reduced Cost.

Pay slip

Pay slip is a document issued by an Employer to pay an Employee for services rendered. These days Pay slip has become an important document to be submitted to the Employer before joining the services. In most of the Organization’s they have a customized HR Solution Software where the data from the Pay slip has to be entered manually into the system for records or to roll out an offer. Every Pay slip has various components that constitutes to the overall Gross Salary. In some cases Pay slip can also be forged for their own personal needs or for any fraudulent activity. In order to avoid all these difficulties of manually entering the data with decimal points which could be possibly entered wrongly into the system and also checking the data for any kind of discrepancy or forgery, Autorec can be used for a great extent and with maximum efficiency with remarkable results.

Working

• Autorec smartly captures all the data point required from the Pay slip. The Net Amount Captured can also be checked with the Bank Statement/Offer letter for any kind of discrepancy.

• Business Rules can be applied on the Pay slip for any kind of fraudulent activity or any kind of forgery. For Example, Salary credit on Sunday, Round Figures in Salary etc.

• Data extracted from the Pay Slip and evaluated with the help of business rules can be sent to the HR System with the help of a Web API.

Advantages

• TAT reduced by more than half

• Checks for any kind of discrepancy or forgery at a greater extent

• FTE reduced by 70%

KYC

To open Account or to do any other Business Transaction, Banks has the tendency of asking the supporting documents along with the Application Form. This Application Form is than cross verified with the supporting KYC’s in order to check for any kind of discrepancy and is all done manually which is very time consuming and requires additional manpower. In order to overcome the difficulties faced by the Banking executives to manually check the documents. We have come up with a solution which automates the check between the documents and any kind of discrepancy found or detection of fraudulent activities in the documents are shown as an Alert.

Supporting Documents:

  Pan Card

  Aadhar Card

  Driving License

  Passport

  IT Returns

  Bank Statement

  International Driving License

  Emirates ID

Working

• Autorec auto extracts the data from the Application Form

• Data extracted from the Application form is than checked with KYC’s. (For example, Name on the Application Form should match with the Name on the Pan card, Address on the Application Form should match with Aadhar Card.)

• Any discrepancy or Fraudulent activities found between the Application Form and the documents, Autorec raises an Alert

Advantages

• TAT reduced by more than half

• Checks for any kind of discrepancy or forgery at a greater extent

• FTE reduced by 70%