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 You need a way to pull this information off the web in real time — or attempt to get by with outdated or missing data that's critical to running your business.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:
With Kapow, Fiserv automated their compliance dashboard without building APIs for 300 banking partner applications.
- 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.
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.