Situation:

Head of IT, Wholesale Banking where more than 50% of initiated transactions failed to complete. The costs were all borne by the Bank as it was then impossible to attribute where the failure occurred.

Critical Business Issues:

• Costly manual processing of Corporate Client orders.
• Costly mistakes incurred through manual processing.
• Needed to place the ownership of instruction on the Corporate Client, where appropriate, rather than the Bank to recoup costs attributable to client side processing failures.

Reasons:

• Manual process was labour intensive and requires time zone coverage.
• Errors easily introduced because of fax/telephone medium utilised.
• Fax/telephone medium did not enable the source of error to be diagnosed therefore the Bank usually took the blame and shouldered the cost.

Capabilities Needed:

An automated processing system, which would avoid manual intervention and provide accountability. The system also needed to increase the efficiency of transaction processing and reduce maintenance requirements.

Code Red Provided:

Design and build of an e-commerce based STP solution in staged delivery of:

• Phase 1 - Enquiry read-only access of Account information
• Phase 2 - Maintenance access to change Account instructions
• Phase 3 - Transaction access to enable authorised deals and payments.

Results:

The Bank was able to reduce or re-deploy personnel internally from the maintenance process resulting in savings of £50,000 per month in additional staff requirements. They were also able to reduce costs of failed transactions as culpability is now provable and those costs attributable to client side processing can now be cross-charged.

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