THE CHALLENGE
A leading brokerage firm with 10,000 branches nationwide managed an average of 20,000 checks per day. Each branch had a local banking relationship and made 1 to 2 daily trips to the bank for deposits. There were 22 full-time and part-time employees at the HQ handling reconciliation and research. Additionally, the client had over 1,000 banking account relationships with 6 banks, including DDAs with daily sweeps and management of deposit windows across multiple time zones. The client also needed a solution to trace and detect duplicate checks.
THE SOLUTION
Exela provided the client with a SaaS application and desktop hardware scanners, enabling the retail branches to deposit check payments. We enabled ICL deposits to six banks using least cost routing rules. By implementing remote solutions, Exela eliminated the need to travel to any of the 10,000 branches. To improve process accuracy, functions such as real-time duplicate check detection and correction, amount validation, autofocus and image capture technology, low-confidence CAR/LAR checks, RT/DDA validation, and MICR line correction were enabled. Additionally, the client could access complete dashboard reports, including deposit and validation files.
THE OUTCOME
- Provided a bank-agnostic solution that supported and streamlined multiple bank processes
- Closed 1,000 sweep accounts
- Eliminated daily trips to the banks
- Maintained the same number of cash receipts staff at the home office
- Mitigated risk with a per-transaction pricing model