As the largest global fund administrator, SS&C GlobeOp delivers cloud-based fund services and technology to a wide variety of financial services organizations. Groups of banks come to SS&C GlobeOp to manage their syndicated loans — and the company must quickly and accurately process critical documentation for each stakeholder. Much of the loan administration was already automated, but employees still needed to complete important manual tasks. Aiming to free employees from tedious work, the company turned to an SS&C Blue Prism digital workforce.

Challenge

Syndicated loans allow borrowers to finance large purchases like mergers and acquisitions or property purchases. To fund the loan, multiple financial institutions agree to finance a percentage of the loan as an investment. Once terms are agreed upon, documentation is sent to SS&C GlobeOp for settlement. An employee at SS&C GlobeOp logs in to an email queue, downloads the documentation for each stakeholder, and sends it to ClearPar — a machine learning engine that reads the documentation and converts it to structured data. This data is then sent to SS&C GoLoans which calculates the fees and reconciles the documentation. Once complete, the employee checks it and sends the settlement documentation back to the individual financial institutions for their records.

The loan settlement team was challenged by time zones. Files arrived early in the morning US time, but since the team is in India files sat in the queue until employees arrived hours later which slowed progress. Accuracy was another concern. Errors could affect hundreds of documents and require work to be restarted — which jeopardized deadlines. A missed filing deadline could result in fines and ultimately damage the company’s reputation. Making matters more complicated, the settlement requests often arrive in large batches, particularly at the beginning of each month.

The peaks in volume were difficult to manage and onboarding new employees could take months. SS&C GlobeOp needed a way to streamline the loan settlement process.

Solution

SS&C Blue Prism digital workers now busily work on the loan settlement team. They download the documentation as soon as it arrives in the email queue and send it to the machine learning platform to read, interpret and structure the data before passing it to GoLoans. Once GoLoans finishes the required conversions and calculations, the documentation is complete. Digital workers log into GoLoans, trigger the system to generate final documentation packs, and send them to each stakeholder.

SS&C GlobeOp is now able to handle workload spikes immediately. Instead of a three-to-four-month onboarding process for new employees, instantly productive digital workers are added to the team in just 12 hours. Employees no longer complete this tedious work and can focus on more value-added tasks like resolving exceptions, providing exceptional client service, and increasing their skill sets. With loan automation, average handling times for settlement requests have plummeted — they’ve been reduced by 57%. Best of all, the team can quickly and reliably satisfy customer requests.