Coforge automates payment screening solution for a large EU Bank

Challenges.

Our client faced critical inefficiencies in the payment screening process. The existing system lacked: 

• Automated filtering: No system existed to automatically filter inbound and outbound payments, leading to significant manual work and delays.
• Efficient alert routing: Alerts were not routed to the appropriate teams, resulting in breaches of service level agreements (SLAs) and customer dissatisfaction. Manual email forwarding further complicated the process. 
• Centralized data access: No single system consolidated all relevant data for decision-making, hindering efficient resolution of alerts.
• High error rate: Manual identification of alerts prone to errors, leading to potential compliance risks and delays.
• Excessive handoffs: Multiple team handoffs slowed down the decision-making process and impacted overall efficiency.

Solution.

• Coforge Pega team built a complete payment screening solution which includes a fully calibrated system. It filters inbound and outbound payments, reducing the number of handoffs to reduce SLAs.
  
• The solution customized work queue based on user roles and prioritization factors helped reach decisions more quickly for those prioritized alerts.
  
• We automated the decisioning based on discounting principles to reduce the number of false positives. This reduces the number of alerts that require manual intervention.
  
• Solution also helped in operational reporting to produce a clearer, real-time view of payment screening and optimize resource allocation.
  
• Smart alerting and routing to get the alert to the right person so that decisions can be made quickly.
  
• System to provide a centralized view of core and key information to aid the payment screening decisioning process.

The Impact.