Third-party Collection & Delivery agency apps

Trust in Safe Hands

Inspiration

Most of the products / business area have several steps that are:

Still executed offline (outside the product / solution)
Manually intensive
Usually, non-core to the Bank as well as the Product / Solution providers
Outsourced to third party vendors driven by SLAs
Yet important in the overall / end-to-end business processes

What it does

Collection services are outsourced by banks with third party service providers.
Third-party agencies are separate companies contracted by a company to collect on their behalf for a fee.
The collection agency works as a middleman between the consumer and the client in exchange for a percentage of the amount collected.

How we built it

Provide a platform to connect Finastra Solutions seamlessly to the 3rd party service providers such that it:

Leads to the creation of real-time data
Address security concerns of 3rd party providers access Finastra solutions only to the extent required
Improve visibility of offline processes / statuses
Impose SLA driven activities based on efficient monitoring of data
Improve the overall turn-around time of business processes (both offline & online)
Improve predictability of offline activities

Challenges we ran into

Collaborating various applications on one solution.

Accomplishments that we're proud of

Safe Collection is independent application, and it can be integrated with any of the system [FCM/FTI/Loan-IQ] within Finastra or outside finastra using Open API's. Cash Management Business Scenarios achieved by Solution.

Corporates or Banks initiates collection transaction through front end application. Actual collection of documents happens outside the system. Via this SOLUTION, documents can be collected from corporate and delivered to Bank with live tracking.
Corporates or Banks initiates payment transactions through front end application. Actual delivery of documents happens outside the system. Via this SOLUTION, documents can be collected from bank and delivered to corporate or beneficiary with live tracking.
Any additional document sets like KYC, etc are collected from the corporates by this SOLUTION.

What we learned

Concept of Third Party Solutions and providing total solutions to banks and corporates.

What's next for Third-party Collection & Delivery agency apps

Productizing the Solution . Rule based grouping of information for quick processing leveraged on the pool of providers. Revenue Generating Solution as this service can be extended to other FinTech's as Finastra can host the API’s on the FFDC platforms.