How Standard Bank reduced cost and improved cycle time in Outward cross-border payments
“Celonis has provided a revolutionary new way of understanding our business-bottom up with data.”
Challenge
- Outward cross-border payments are initiated from various electronic and manual channels and touch four or more systems from initiation to crediting the beneficiary.
- This resulted in complex, costly, unpredictable and time-consuming outward cross-border payments.
- Lack of insight and transparency in the end-to-end process made it near impossible to provide customers with acknowledgment that the payment transfer was successful.
Solution
- Visibility into the outward cross-border payment process enabled process re-engineering initiatives, including automating payment release.
- Real-time operational dashboards enabled the process to be managed effectively, reducing rework and bottlenecks and helping to migrate customers onto optimal channels.
- Head of Operations for the Corporate Investment Bank adopted Celonis as the single source of truth and implemented an extensive list of remedial actions and solutions to fundamentally change the way the process was executed.
Outcome
- $2.4m annual cost savings were identified from reducing rework, re-engineering the process and ensuring quality at source.
- $1.5m of value was created over a 12-month period, with $450K realised to date.
- Payment processing capacity was increased by 18%.
- Cycle time was reduced by more than 30%.
- Standard Bank has stipulated that all change projects require a Celonis diagnostic and business case.
$2.4m
Annual Cost Saving Identified
$450K
Realised to Date
>30% Reduction in Cycle Time
18%
Improvement in Capacity