Odyssey Automation

Automate Loan Payment Processing

Financial Institution Operations Case StudyIn this case study we look at the operations department of a lending company with focus on the automation of loan payment processing.

 

INDUSTRY: FINANCIAL SERVICES
INDUSTRY APPROPRIATE: ANY INDUSTRY PROCESSING PAYMENTS
DEPARTMENT: OPERATIONS

Challenge:

Current procedure is for the company to receive payment transaction from their correspondent bank via two xml files which are sent to their loan department to upload into their lending system. The process was created by their lending application vendor but would crash and fail to post transaction several times a week. This resulted in having to manually enter the unposted payment transaction. The manual posting created additional costly human error mistakes. The lending company was seeking a more stable system with increased functionality.

Solution:

The Odyssey platform was architected to read the two xml files and verify the integrity of the files prior to posting. Once verified Odyssey posted the transactions to the lending application and if there were any exceptions, such as account being closed or invalid account number, the transactions were sent to a review que for corrective actions and then reposted. An exception report was created, and appropriate notifications were sent along with reports and dashboard of all activity. All activity was logged in Odyssey’s built-in audit log.

Benefits:

  1. New solution has eliminated crashes to date and provides an easy way to recover if needed with proper oversight.
  2. Improved audit trail with ability to see previous history of transactions.
  3. Improved process and workflow for handling and correcting and processing exception items with improved governance.
  4. Simplified way to rerun exception transactions.
  5. Significant savings in time and effort.

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