At the core of any financial organisation is the process of funds transfer.  Moving funds between customer accounts and suspense accounts supports a number of processes across the organisation, not least in collections, for processes such as:

• Arrears off-setting
• Write offs
• Account closures
• Account transfers
• Account opening
• Loan drawdown
• Arrears consolidation
• Fee and charge refunds

As one of the most fundamental processes within the organisation, funds transfer also provides an institution with a powerful tool in arrears management.

Blue Prism - Improving business efficiency and effectiveness

As well as performing business as usual activity such as write-offs, draw-downs and transfers, the panacea of unlimited resource that Blue Prism solutions provide to existing processes allows the creative implementation of a number of processes not previously possible, such as:

• Constant arrears monitoring
• Balance off-setting

Previous call-wrap tasks which have traditionally not been monitored and reported such as fee and charge refunds, small balance write-offs and consolidations can be automated and handed off to Blue Prism solutions, providing organisations with an auditable, streamlined and secure process for handling funds without tying up call centre agents and back office staff.

The most powerful feature of the Blue Prism solution is the ability to design, implement and monitor these common processes with minimum effort, enabling iterative improvement and parameterisation without system change and long lead times, producing a new, agile methodology for operational heads.

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