Undertaking EMI reconciliation and Loan Payment Transaction (LPT)
Client Context
Indian fintech company was looking for automated solution for reconciliation of EMI collection and clearance process and LPT process.
The Challenge
Existing process of reconciliation was completely manual , error prone, time consuming and was not scalable.
Client Product: EMI & Loan Payment Transaction
Industry: Financial Services
Goavega Service: Data Modernization
Our Approach
Goavega’s functional team spent time to understand the whole process of data collection, data massaging, data processing and data uploading back to Salesforce.
- Implemented Serverless/Event driven solution for offline process
- Automated data collection part (from Banks, Payment Gateways and Salesforce)
- Automated Data massaging of all Input files and Data processing
- Automated of Uploading data back to Salesforce using Bulk upload API
- Built alert system about daily processing
- Created APIs which can be integrated with different systems in future
Value Delivered
- 100% Automation of EMI-Reconciliation and LPT process
- 100% Efficient result
- Considerable number of manual resources with days of effort reduced to 15 minutes
- Possibility of running the process multiple times and anytime in day
- 10x increase in transactions can be handled without any extra effort