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.
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:
Since the process heavily relied on human intervention to identify and rectify the errors, key control measures were:
- Recruiting advisors with the right aptitude for the job e.g aptitude for numbers, analytical, time management and self–organisation skills, keyboard skills etc.
- Setting very high quality benchmarks to ensure operational efficiency
- Setting a team of process experts as ‘verifiers’ to audit the processed transactions for accuracy, identifying deviations and immediate correction of the same leaving no scope for mistakes
- Stringent queue monitoring by process experts
- Cross training and multi skilling to develop skilled resources that can perform any role in the process and manage volume efficiently
- Deployment of COPC and BS 7799 (now ISO 27001) standards to the process
Through the control measures, regular feedback and communication and effective service management, Intelenet succeeded in achieving objectives set for the project:
- 100% SLA met since start of the project
- Zero Carry Forward (ZCF) was achieved one month, against a 4 month target
- Accuracy has been attained time and again
- Operational Losses reduced were reduced by substantial margin
Overview
Intelenet has developed expertise in supporting Customer services and related back – office functions for Credit Bureau operations. , Intelenet manages a variety of processes in a highly secure IT & operating environment, and delivering to tight Service Levels. The entire Credit Bureau operation is compliant to the COPC standard, thereby ensuring optimal levels of productivity, quality and accuracy, all delivered within a highly cost-effective environment. There is a strong focus on quality monitoring & process improvement has allowed Year – on – Year Productivity gains, FTE optimization and Cost reduction as well as increasing focus on cross – selling of Value – added services (True Credit) and identification of other Revenue generating opportunities.
Intelenet handles disputes, disclosures, and maintenance and service desk for internal and external customers of the client. This includes:
Intelenet has developed expertise in supporting Customer services and related back – office functions for Credit Bureau operations. , Intelenet manages a variety of processes in a highly secure IT & operating environment, and delivering to tight Service Levels. The entire Credit Bureau operation is compliant to the COPC standard, thereby ensuring optimal levels of productivity, quality and accuracy, all delivered within a highly cost-effective environment. There is a strong focus on quality monitoring & process improvement has allowed Year – on – Year Productivity gains, FTE optimization and Cost reduction as well as increasing focus on cross – selling of Value – added services (True Credit) and identification of other Revenue generating opportunities.
Intelenet handles disputes, disclosures, and maintenance and service desk for internal and external customers of the client. This includes:
- Manage end consumers calls and written disputes wherein client system is updated post verification based on nature of the call
- Consumers are provided with their Credit report after detailed verification
- Verification of information reported on consumer’s credit reports
- Any change in the credit record details are reported into the system
- Disputes in Credit reports are resolved or documented in the system for escalation
- Change of personal details are made on the system after proper verification
- Resolution of consumer queries in regards to credit reports provided
- Help consumer understand their credit reports to check credit worthiness
- Update client’s system with latest information to ensure consistent information shared by all credit bureaus
Helpdesk service includes Password reset, trouble shooting for equipment failure, trouble shooting for client applications and software problems and outbound calls to update callers on status of ticket and confirm issue resolution
The process has been COPC certified for the last 3 yrs along SAS 70 Type II for last 3 yrs in addition to ISO 270001 Certification, PCMM Certification, PCI Certification and the clients external annual audit certification
On account of stringent quality measures, the process has ramped up from 1 process to 6 processes including 100% volume of the data process and 85% volume of the voice process.
The process has been COPC certified for the last 3 yrs along SAS 70 Type II for last 3 yrs in addition to ISO 270001 Certification, PCMM Certification, PCI Certification and the clients external annual audit certification
On account of stringent quality measures, the process has ramped up from 1 process to 6 processes including 100% volume of the data process and 85% volume of the voice process.
The Intelenet Impact – Value Delievered
- Pricing changed from FTE pricing to Transaction Pricing thus client getting benefit of paying as per work completed
- Productivity increase by over 50% in written work and 30% reduction in Average Handle time for calls
- Quality measurement system moved from Average score to Critical Accuracy. Data Accuracy consistently at 98% with Voice processes achieving 97%
- Moved from functioning as a Cost Center to a Profit making unit by generating Sales Revenue for the Client, highest Sales Conversion rate amongst all client sites
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