Customer: Axis Bank, Maharashtra
Axis Bank’s EFT Switching, Core Banking System and ATMs were recording the transaction details in different formats. Added to this was the fact that the party handling cash management manually recorded details about cash sourcing and replenishment in different ATMs.
The reconciliation process followed by the bank did not offer it complete visibility and could not match the ever-growing reporting requirements. This led them to set up a huge team for data analysis and report generation which was essential to keep track of ATM transactions. Despite a huge team and manual efforts, the operational costs kept escalating, customer queries kept rising and reporting requirements were not fully met.
Axis Bank was looking for entire ATM management and Cash Management from a service provider on total outsourced model. The scope of work included loading and managing cash in the ATMs and answering customer queries and complaints relating to their ATM transactions within the timelines mandated by RBI. The bank had set very tight SLAs for providing business-critical reports and answering customer queries.
MAXIMUS was entrusted with the responsibility of carrying out transaction and cash reconciliation in conformity with the strict deadlines. Logs from different systems had to be collated and analysed on a daily basis for reconciliation and generation of required reports. MAXIMUS concluded that it had to meet the following goals to fulfil the bank’s requirements.
MAXIMUS studied the entire setup and identified the process flows and gaps in information availability. It worked with the bank, CBS vendor and cash management teams and arrived at the standard operating procedures (SOPs) to be executed for information generation and exchange and for taking appropriate follow up actions. The company deployed its automated ATM transaction reconciliation suite, TRACE, to automate the entire reconciliation process. This solution catered to advanced algorithms for performing 3-way and 4-way reconciliation to complete cash and transaction reconciliation on time and generate a host of daily and MIS reports as required by the bank. To meet the specific requirements of the bank, MAXIMUS customized its base package and embedded smart workflows and data exception mechanisms.