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Here’s a real-life example of how a major full-service bank was able to eliminate manual paper-processes and automate wire transfers:

The financial institution, with assets in excess of $6 billion, 36 branches, and more than 2,000 employees, used a manual paper-based process for wire transfers involving large sums. The process was complex due to required approval controls. The existing manual system was time-consuming, error-prone, and required an extra business day to complete such transfers.

Using form-based business process automation technology, the bank fully automated its wire transfers and implemented a completely paperless system that eliminated the possibility of errors and human intervention in the process, while dramatically reducing the time required for a transfer to move from the teller to the Federal Reserve’s FedLine System. With the successful implementation of the technology, requests are now completed the same day, with every step in the process tracked and all actions accurately recorded.

The bank’s new wire transfer request process ensures that every transaction is secure and complies with government rules and regulations. The bank’s system was also greatly enhanced through the use of electronic signatures. The end result for the financial institution is a faster, more accurate process that has greatly increased the productivity of bank employees by ensuring that wire transfer requests can be completed on the same day without sacrificing security and risk controls.

Here’s another example of how a simple automated process yields maximum results.

SEC Implements Business Process Automation

Before process automation, all filings made to the Securities and Exchange Commission (SEC) were on paper. Trucks delivering copies of documents snarled traffic in busy downtown Washington, D.C. for miles as they tried to meet filing deadlines. Documents were photocopied and hand-delivered to reviewers. Documents sometimes disappeared.

The SEC’s EDGAR system (Electronic Data Gathering, Analysis & Retrieval System) accepts regulatory documents over the Internet. The system performs automated collection, validation, indexing, acceptance and forwarding of submissions. Its primary purpose is to accelerate the receipt, acceptance, dissemination and analysis of time-sensitive corporate information. EDGAR was being stretched to its limits – with 12 to 16 million pages of documents received annually from more than 28,000 individuals and corporations.


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