The Problem: Yes Bank provides dividend/interest/refund warrants (IWDW) product to its corporate customers. IWDW can be drawn on YBL or correspondent banks. Processing of IWDW involves lot of data compilations and comparisons. Prior to deploying this project, the process was carried out manually -partially by central team/branch users and partially by vendor. Data was maintained and exchanged through emails and Excel sheets. This was leading into data inconsistencies.
The Solution: Yes Bank deployed Warrants Processing System which is built on BPM platform. This system ensures seamless execution for payment of inward warrants at all Yes Bank clearing locations on a real time basis. There is visibility across branches enabling real time flow of information across all stakeholders. The system takes care of the end to end processing of warrants, right from RBI file upload to generation of return memos to the banks.
The Result: Real time verification by branches without central team and vendor involvement has been achieved. Manual intervention has been avoided leading to risk management.The other benefits inlclude quality/process improvement, better tracking system and availability of audit trail.