Repairing Wire Transactions
Out of all the wire payments processed by an international payments provider, a certain share of wire payments fails to execute due to a range of technical, regulatory or process-related reasons. In that case a wire transfer repair team gets on the job to review and unblock the wire payment, if possible.
- Review error reason, available info & decide how to repair
- Navigate third-party sites for additional data
- Navigates SOPs to identify correct course of action
- Update ticket & approve or reject payment
- Liaise with onshore team for guidance, if needed
- Monitor & process incoming emails from onshore team
- Automatically propose next step based on error reason
- Automatically retrieve & display info from third-party sites
- Reflect the latest SOPs in context of work
- Automate data entry to resolve ticket faster
- AI-drafted requests to onshore team
- AI-assisted monitoring & execution on incoming emails
Assistant triggers inside the payments portal when the back office associate clicks on a new wire transaction, and offers its help.
Initially, the Assistant reviews all available information attached to the ticket of the payment that failed, including the error code indicating the reason for failure. From there, the Assistant proposes the next step, which in this case includes looking up additional information (a correspondent code) from the third-party website LexisNexis. An automation is prepared for the user to retrieve this information at the click of a button.
The Assistant displays the missing piece of information in the context of the payment system, so that the associate does not need to switch systems. The data is not only displayed, but matched with a screenshot of the third-party website, which the associate can inspect in order to continue, and ensure that the obtained information is correct.
The business rules for which bank to pick, in case of a missing correspondent code, are based on standard operating procedures that may be subject to change. Assistant gets real-time updates from these SOPs stored in SharePoint, so associates can always trust that the Assistant follows the latest process.
Once the associate has decided how to proceed with the payment, the Assistant supports them by automating all necessary steps. These automations are performed in real-time with the Assistant stopping in between to let the associate review what information has been entered and adjust, if required.
In certain scenarios, when business rules cannot be interpreted clearly, the back office associate may need to refer back to the onshore team to consult on how to proceed. Should that be the case, Assistant drafts an email in Outlook for the associate, containing all necessary information that the onshore team might need to provide advice. The associate can still adjust the email before hitting Submit.
Any on-hold payments that require counsel from the onshore team, naturally need to get unblocked as quickly as possible. For that reason, Assistant constantly monitors the associate’s Outlook inbox. When a new email comes in, the Assistant immediately reviews it and prepares an automation to execute on the onshore team’s advice. If the associate agrees, the automation is triggered and repairs the wire transaction as recommended.
A success message notifies the associate of how the payment has been processed, so that he can proceed to the next payment.
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