Process that required more than 4 hours per day now takes less than 3 minutes.
Case Study Scenario
In 2013 a leading international banking firm used Linx to automate its complex VISA settlement process. As a result, the firm benefited from a significant reduction in cost to run the process.
Before Linx: A complex manual process that takes hours
Before the bank automated the process, a member of staff was required to spend 4 – 8 hours per day retrieving source reports and translating them into settlement summary reports and journals, before loading them into the core banking system. This was a complex process that required a high level of accuracy:
- First, a mainframe source document needed to be retrieved. This text document included a range of reports (Reimbursement, VISA charges, Summaries etc).
- The information contained within the source report then needed to be translated into a specially prepared Excel template containing the Settlement Summary Report.
- The relevant information from the source report was then manually copied into the Settlement Summary Report.
- The totals of the values captured in the Settlement Summary Report then needed to be verified as equalling the values captured from the original source report.
- Next, an updated foreign exchange rate had to be input into the template. Values, sourced from the Settlement Summary Report, for VISA voucher and Chargeback journals were then captured in an additional journal upload template.
- Finally, the journal upload template containing values for VISA Voucher, Chargeback & Re-presentment journals were loaded into the core banking system.
After Linx: An automated process that takes less than 3 minutes
Today, the manual process that used to take 4 - 8 hours is completed within less than 3 minutes of the source document becoming available. This has had a lasting effect on efficiency, cost reduction and risk mitigation and has been of huge operational benefit to the bank.
How the process was automated with Linx
The bank set about creating a system to automate the settlement process with the help of the Linx drag and drop designer. Using a function called Directory Watch, Linx automatically retrieves mainframe source documents as soon as they become available. The differing reports contained within the document are then automatically imported and normalised inside a SQL Database. Specific line items are translated from the source information into the Settlement Summary Report. The results are automatically integrated with the core banking system.