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:
Attivio, a leader in unified information access, uses Kapow to automate web intelligence and integration with regulatory management systems.
- Attivio built a connector to their software so data output from Kapow workflows are automatically transformed into the correct format.
- Web data is collected automatically to support regulatory compliance.
- Based on their success with the financial company project, Attivio will be using Kapow workflows to automate web data extraction on 200 additional sites.
With Kapow, Fiserv automated their compliance dashboard without building APIs for 300 banking partner applications.
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- 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.
- 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.
- 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.