Real-time web intelligence helps banks and pharmaceuticals meet regulatory requirements
Federal regulations require corporate finance and treasury departments to provide point-in-time reporting on working capital and cash flow. This has created a vital need to extract financial data from bank accounts or payment agencies and feed it into real-time dashboards to monitor important financial metrics.
Pharmaceutical companies need to comply with regulations on how drugs are tested, manufactured and distributed. You need a way to pull this information off the web in real time — or attempt to get by with outdated or missing data that's critical to running your business.
Featured Customer Success Stories in Regulatory Compliance:
AstraZeneca, one of the world's leading pharmaceutical companies, uses Kapow to automate web intelligence for executive reports and dashboards.
- To meet U.S. compliance requirements, pharmaceutical companies are required to maintain a Health Care Professionals (HCP) Exclusion List, showing HCPs that should be excluded from existing or new contracts.
- AstraZeneca wanted to automate existing manual processes for developing and maintaining the HCP Exclusion List.
- They used Kapow to create a master listing from information on external websites.
- The listing is automatically updated with specific regulated information.
- The process is integrated from delivery to a spreadsheet to a downstream compliance system.
- Data is integrated into an internal data mart built on Business Objects to create executive reports and dashboards.
- This is a major reporting system to the FDA, including all money spent for contracting outside HCPs and research organizations.
- After implementing the Kapow automated master web intelligence and matching process, the time to develop a list of possible suspects for non-compliant HCPs was reduced from 6 months to 2 weeks.
- AstraZeneca estimates that it could save millions of dollars in FDA fine avoidance with the improved compliance monitoring.
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.