Streamlining Wire Transfers with RPA in U.S. Banks: Cutting Costs Through Automated Processing and Compliance
Author(s): Saikrishna Garlapati
Publication #: 2507006
Date of Publication: 17.08.2022
Country: United States
Pages: 1-9
Published In: Volume 8 Issue 4 August-2022
DOI: https://doi.org/10.5281/zenodo.16500306
Abstract
Robotic Process Automation (RPA) has been positioned as a game-changing technology in banks and financial services, particularly in its ability to quickly automate high-volume repetitive tasks with high rates of error and substantial quantities of manual re-keying. One example of such a task specifically mentioned in this paper is wire transfers which consume extensive resources and target-rich opportunities for error. Through the use of case studies to analyze RPA implementations in U.S. banks that have dramatically improved through-put and lower processing times at the same time providing dramatic accuracy gains and compliance with elaborate anti-money laundering (AML) and know-your-customer regulations, banks must pass through potential regulatory landmines in delivering expected transactional efficiency gains for their clients. Utilizing case studies and analyses of RPA implementations in U.S. banks through 2021, this paper will carefully consider added cost-savings and efficiencies versus the operational recoveries and compliance gains from RPA adoption. In addition, the key architectural tenets, challenges, and notable directions will be assessed, such as Intelligent Process Automation (IPA) and hyperautomation. This research will develop prevalent industry knowledge that will add value for guidance regarding optimized commercial RPA implementation in how banks and financial services meet the incessant demands of increased regulations and customer expectations in a dynamic environment.
Keywords: Robotic Process Automation (RPA), Wire Transfers, Compliance, Anti-Money Laundering (AML), Know-Your-Customer (KYC), Fraud Detection, U.S. Banking, Hyperautomation, Intelligent Process Automation (IPA).
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