The bank is operational in 58 countries with large presence in Europe, the Americas, and Asia. As of April 2018, this bank is among the top 20 banks in the world by total assets. As the largest German banking institution, it is the component of DAX stock market Index.

The client is a leading universal bank resting on three pillars —Private & Commercial Bank, Corporate & Investment Bank (CIB), and Asset Management. Its investment banking operations command substantial deal flow and maintain different “sell-side” and “buy-side” departments.

Infosys joined hands with this client to implement reconciliation services for their trade, cash, and position reconciliation in listed derivatives space.

Key Challenges

  • Reconciliations were scattered across multiple legacy platforms. This made it very complex for management to track all the reconciliations which were active
  • The legacy system had no scope for any upgrades or enhancements, making it very cumbersome and difficult to manage
  • Legacy reconciliation systems were not very user friendly, without any user dashboards
  • Users could not log into the reconciliation system and could only access printed reports sent on their desks
  • Changing business logic was complex and required substantial effort. It would take four to six weeks for any simple changes to existing processes
  • Huge operational effort and costs due to multiple reconciliation platforms, most of which were legacy. Added to this, support and maintenance costs made TCO unviable

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The Solution

Leveraging Agile as a Methodology

  • Agile methodology was used to iteratively analyze and document the existing processes. Infosys aligned with domain SMEs to analyze the details for faster alignment with the new ITRS system
  • All the active reconciliations were consolidated from across different legacy platforms
  • Reconciliation logic was captured through existing documentation, understanding legacy platform logic and user interviews
  • Reconciliation logic and processes were optimized to remove inefficiencies. Various processes, which were previously manual, were automated

Infosys Methodology

  • Reconciliations were onboarded on to ITRS in a phased manner
  • ITRS reporting module customized to provide output reports as per the client format
  • The existing RTB and CTB teams were trained to manage any changes and support activities and make the whole process automated
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Benefits

30 – 50% reduction in time to onboard recon jobs

30 – 50% reduction in time to onboard recon jobs

70 – 80% rules optimization resulted in improved performance in reconciliation executions. Processes which were taking hours can be executed within few minutes

70 – 80% rules optimization resulted in improved performance in reconciliation executions. Processes which were taking hours can be executed within few minutes

5 – 10% increase in the auto-match rates. Reduced the burden on business users, as less mismatches mean they can focus on more productive work

5 – 10% increase in the auto-match rates. Reduced the burden on business users, as less mismatches mean they can focus on more productive work

Additional revenue of USD 500k from indirect work linked to the provided solution

Additional revenue of USD 500k from indirect work linked to the provided solution

One million transactions and 50+ reconciliation jobs were onboarded and reconciled on a daily basis with optimized rules

One million transactions and 50+ reconciliation jobs were onboarded and reconciled on a daily basis with optimized rules

Due to UI-based configuration in ITRS, it is easier and faster to onboard new reconciliations. A simple recon process can be productionized in less than three weeks instead of six to eight weeks

Due to UI-based configuration in ITRS, it is easier and faster to onboard new reconciliations. A simple recon process can be productionized in less than three weeks instead of six to eight weeks