Overview Our client is a UK – based Premier Financial Services Group with over 2500 branches throughout UK and 500 branches in over 60 countries. Our client’s prime operations are in areas of corporate and retail banking, investment banking, asset management, mortgage and credit cards.

The process to be outsourced was a critical payment remediation function for online fund transfers by customers to beneficiaries using SWIFT or CHAPS, processed via Automated Funds Transfer System (AFTS).

While 80% of all transactions consists of ‘straight through processing’, 20% required some repair to fix errors in terms of missing or incorrect information such as Sort Code, Value Date, Account number, Debit or Credit instructions, etc. These errors resulted in significant losses to the client since the financial transactions processed amount to millions of pounds daily.

Majority of the activity on the project is non – voice with some voice calls made to foreign exchange dealers. The project involves over 20,000 transactions in multiple, 9 Cut – offs corrected & Verified everyday across 87 Currencies. Intelenet currently processes transactions of over 1 Trillion pounds monthly.

Intelenet had to meet all the daily currency cut – off deadlines without carrying forward any of the transactions to the next day termed as Zero Carry Forward (ZCF) with 100% accuracy as well as minimise operational losses.

The Intelenet Impact – Value Delievered
Intelenet deployed a structured transition methodology for this project, which enables us to migrate projects in a methodical step – by – step approach. Our proprietary tool FACTS helps us leverage better control in project delivery, removing any margin for error.

Since the process heavily relied on human intervention to identify and rectify the errors, key control measures were: