With Kapow, Fiserv automated their compliance dashboard without building APIs for 300 banking partner applications.
Application Integration:
Financial Account Aggregation
Aggregate balances and transactions across multiple banks in real-time
Whether you're trying to reduce financing costs or meet regulatory compliance requirements, corporate finance and treasury departments need real-time insight into financials such as working capital and cash flow. The most cost-effective way to do this is by automatically aggregating balances from company bank accounts and payment information from payment agencies.
Featured Customer Success Stories in Financial Account Aggregation:
Challenge
- Fiserv was struggling with regulatory compliance on high volume transactions across 300 global banking partners and went without the automated compliance dashboard they needed for 3 years.
- As processing load grew to 10,000 transactions totaling $1 billion each day, manual processes became unsustainable. Many errors were occurring due to manual web intelligence and reconciliation.
- Real-time cash balance account data access and integration was essential, but developing APIs for 300 highly secure banking applications was out of the question. They had tried and failed.
Solution
- Today, Fiserv uses Kapow to automate data gathering and aggregation from banking partners' internal web-based applications.
- Kapow robots gather and transform information from these external systems and bring it together with data from Fiserv internal systems and data repositories to create meaningful BI.
- With Kapow, a management dashboard is available that enables treasury associates to track KPIs including debt balances, cash flow and net settlements so they can make informed financial decisions in real time.
Results
- Kapow completed a POC in 2 weeks and went live across 300 banks in 3 months.
- Automation reduced Fiserv staffing requirements by 2 full-time equivalents.
- They now have real-time access to global financial data and automated processing of over 10,000 Treasury transactions per day to meet regulatory compliance requirements
- Using robots in tandem with dashboard reporting has enabled Fiserv to consolidate funds for investment, which generates more revenue/income and reduces the number of draws from its credit facility.
Attivio, a leader in unified information access, uses Kapow to automate web intelligence and integration with regulatory management systems.
Challenge
- Attivio needed to capture regulatory information from public websites, including content in JavaScript and PDFs, for their end-customer, a major financial institution.
Solution
- With Kapow, web data – including content in JavaScript and PDFs – is automatically fed into Attivio's Regulatory Active Management System, which runs on the Attivio Active Intelligence Engine.
- Attivio built a connector to their software so data output from Kapow robots is automatically transformed into the correct format.
Results
- Web data is collected automatically to support regulatory compliance.
- Based on their success with the financial company project, Attivio will be using Kapow robots to automate web data extraction on 200 additional sites.