Overview Of The Company
- The incoming wire process, involving thousands of incoming wires each month, required extensive manual processing by the Payoff Processing team, resulting in long working hours and high manual effort.
- The manual work included hourly checks of the wire processing system for new wires, data corrections, and assignments to wire processors, leading to operational inefficiencies.
- The primary objectives of automating this laborious process were to reduce employee overtime, minimize manual effort, and enhance overall operational performance.
- Deployment of a Dispatcher Bot responsible for hourly checks of the wire processing system for incoming wires, generating PDFs for new wires, and grouping them into batches.
- Optical Character Recognition (OCR) technology is utilized to scan data fields in each wire PDF, extracting vital information such as account and loan numbers.
- UiPath Robotic Enterprise Framework is used for efficient queue-based transaction processing, enhancing control over high-volume processes and preventing bottlenecks.
- Over 85% of wire payments are now automatically processed, drastically reducing manual intervention and minimizing errors.
- The wire processing time witnessed an impressive 51% reduction, resulting in increased operational efficiency and improved customer experience.
- A single wire is processed in just 16 seconds, and a batch of 100 wires takes only 27 minutes, significantly enhancing productivity.