Xerago helped a major middle eastern bank achieve a 93% lift in overall efficiency, while simultaneously reducing 85% of overhead costs.
The client is a Qatari-owned financial institution that serves individual consumers, small businesses and corporate customers with a range of Corporate Banking, Retail & Private Banking, Treasury & Investments, International Banking and Brokerage Services. It was founded in 1983 as a part of a Global Banking Group.
The main challenges the client was facing was transaction omissions and errors, lack of timely updates and incorrect installment deductions and remittance.
Calculation of installment, posting of installments to respective accounts based on customer instructions, Remittance statement generation & Reconciliation was done manually which was error-prone leading to customer dissonance
Xerago analyzed the current process of installment and remittance and came up with an elegant process with minimal change management on the part of the bank’s personnel
Developed XIR (Xerago Integrated Remittance) application with features like automatic installment calculation, automatic installment posting, automatic remittance statement generation, automatic reconciliation, integrated workflow, maker-checker feature, auto alert etc.
XIR gets input in the form of customer master in the prescribed format from Phoenix (consumed using a cron program), Salary amount for each customer from the employer’s bank and custome