Problem

As a loan provider, Fincontinuo S.p.A recieves hundreds of bank transfers every day. The back office team has to manually lookup and verify each bank transfer and register all valid repayments in the internal ERP system. The repayment verification process is very repetitive, time consuming and requires perfect accuracy.


Solution

We built an RPA based digital robot to automate the repayment verification process. The robot logs into the company ERP system and downloads a report listing the daily loan repayments. The robot then logs into the companys online banking portal. For each row in the report, the robot searches the bank transfer, verifies the repayment amount and downloads the confirmation PDF to a shared folder. The robot then confirms the payment and uploads the PDF in the ERP for future reference.
Finally, the robot creates and emails a discrepency report with any missing or irregular repayments for human verification.


Impact

The robot is able to autonomously verify 97% of the bank transfers. The back office team went from spending 20 hours a week verifying repayments to just 90 minutes. Now, a single employee just checks the report and manages the missing and irregular bank transfers. The company saves 80 hours of manual work per month and the employee can focus on more fulfilling, higher value tasks.


92%

Time Savings

From 80 hours per month to 6 hours

100%

Reduction in Mistakes

From some mistakes to zero

10X

Increase in Speed

Results

Zero Mistakes

The robot never makes a mistake. It performs the verification process perfectly and follows all of the business rules every time.

Greater Transparency

The robot generates and emails the discrepancy reports with all the necessary information so the employees stay up to date.

Faster Discrepancy Identification

Due to the speed increase, the process can be done much more frequently and missing transactions are reported much faster so action can be taken.



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