Robotics Process Automation for Trade FinanceBanking & Financial

Services

Copyright © 2017 Virtusa Corporation. All Rights Reserved.Robotics Process Automation for Trade Finance

Trade Finance - Need of RPA The Trade Finance market place is ever changing, increasingly global and increasingly competitive. The banking industry is facing complex and dynamic challenges and aware of the need to implement changes in order to adapt to this era of declining revenue. The Robotic Software Agents are a relatively new technology that is commonly termed as Robotics Process Automation (RPA). Their objective is very straightforward – to carry out the business processes that would normally be done by human beings. This works best when the processes are repetitive, rules-based and frequent.

Trade Finance Operations are the core activities in the Back Office Processing Locations. RPA is a potential competitor to any outsourcing deal that involves business processes (Business Process Outsourcing, or BPO). Software robot would cost around one ninth of a Full Time Equivalent (FTE) resource.

RPA for Trade Finance Process optimization is the long-term transformation strategy which will lay the groundwork for the future and drive excellence while controlling costs, maximizing capacity and scalability. RPA can interact with a Trade Finance Application through the software user interface to support the process optimization.

RPA - Emerging Trends in the Market• RPA is proving to be a game-changer in financial services and it’s potentially the most

disruptive and valuable, new tool in business operations today

• RPA is playing an important role in enabling Trade Finance institutions to offer low cost, customized, value added solutions to meet the requirements of diversified customer segments

• RPA is fast emerging as a highly efficient and demonstrable way to help corporate banking firms to reduce IT spending. RPA is much more than traditional process automation, which requires programmers to write programming scripts, that automates the individual tasks

Trade Finance - Process Identification Framework for RPA EnablementThe main focus areas for automation is during the processing stage - in particular, all data entry, validation of data with supporting documents and supporting systems, reference to market data, charges calculations, settlement calculations and account validations. Most of these activities are manually driven and error prone. There is a important need to identify the processes which qualify for RPA enablement.

Solution Highlights

Our solution framework for RPA driven improvements in Trade Finance will enable organizations to quickly identify potential areas within Trade Finance for operational efficiency improvements – along with helping to design and implement the solution in a faster time.

Key Benefits

• Technology driven Virtual workforce powered by automation software agent available by 24/7 with 3 to 5 times faster processing and minimal errors

• Significant reduction in cost for operational and infrastructure. 25-50% overall cost savings

• Brings the Operational efficiency in the Trade Processing Units. Rule based decision making mechanism and machine learning helps in reducing the equivalent workforce and manpower needed

• Data entry in the TF application by taking input from data sheet, taking input from supporting documents and systems

Everything that can be automated will be automated.“ ”Steve Jobs

Trade Finance Operations – Possible Improvement Areas

Solution FrameworkWe have over two decades of experience in Trade Finance domain and end-to-end Trade Finance Operations. Based on these experiences, we have identified specific process within Trade Finance that are suitable for RPA and created frameworks to implement the solution. Using Industry tools such as Blueprism, Workfusion, we are also implementing pilot program with Large Global Bank.

Virtusa Consulting/Services Offerings• We can bring in our solution frameworks to assess areas of improvements within Trade

Finance Lifecycle and create custom solution architecture

• We can help in implementing RPA solution – using any of the industry tools

Partnership with Leading RPA ToolsVirtusa partner with leading cutting edge automation tools and solution accelerators to help our clients to achieve the operational efficiency in process optimization.

Key Benefits

• Process SMEs can be utilized for other business engagements

• Robots can be trained by business users and cut data entry cost by 70%

• As programmed in the rules, the software robotic agent checks the customer credit availability, balance check and ear marks the funds for the trade settlement.

SUCCESS STORIES

Tier 1 US Bank

Virtusa is engaged with major tier-1 US bank to implement robotic process automation to optimize the business processes for Import Payments across Asia and Middle East regions.

Tier 1 Europe - French Bank

Virtusa is getting engaged with major tier-1 French bank to implement RPA to optimize the business processes of Bill discounting module for Hongkong and Singapore regions.

For more information write to: salesinquiries@virtusa.com www.virtusa.com

Virtusa Corporation (NASDAQ GS: VRTU) is a global provider of information technology (IT) consulting and outsourcing services that accelerate outcomes for businesses in banking, insurance, healthcare, telecommunications, technology, and media & entertainment. Virtusa’s outsourcing solutions enable businesses to improve operational efficiency and reduce IT costs. Virtusa’s digital transformation solutions empower clients to accelerate revenue growth and reimagine the customer experience.

Through the acquisition of a majority interest in Polaris Consulting Services Ltd. in March 2016, Virtusa has created a robust platform to provide end-to-end solutions and services in banking and financial services, strengthening its positioning as a top, global FinTech services provider. Virtusa Corporation is headquartered in Massachusetts and has 50 offices across North America, Europe and Asia.

About Virtusa

Polaris Consulting & Services, Ltd. is a subsidiary of Virtusa Corporation. Copyright © 2017 Virtusa Corporation. All Rights Reserved.