Robotic Process Automation (RPA)
Case Study 2

Company Background

Sasaran Technologies partnered with a rapidly expanding bank to streamline its letter of credit processes. The bank grappled with manual tasks related to issuing, managing, and closing letters of credit, leading to inefficiencies and potential errors. Seeking an advanced solution, the bank turned to RPA to revolutionize its trade finance operations.

Industry

Manufacturer of pharmaceutical devices

Technology Adopted

MINITAB

Challenges Faced

The bank’s growth brought about a surge in letters of credit, burdening staff with labor-intensive tasks. Manual identification of expiring records, execution of diverse logic-based inquiries for each record, and managing exceptions created bottlenecks. These manual steps hindered operational agility, delayed closures, and posed a risk of errors.

Our Approach

In addressing the bank’s letter of credit challenges, Sasaran Technologies uses RPA Bot was designed to identify expiring records autonomously, transcribe data into Excel, run logic-based inquiries, handle exceptions, and execute closure processes. This approach aimed to enhance trade finance efficiency and deliver a seamless experience.

Benefits

  1. Enhanced Efficiency: RPA slashed manual effort, enabling swift identification and closure of expiring records, and accelerating trade finance operations.
  2. Error Reduction: Logic-based inquiries and predefined rules minimized errors, ensuring accurate closure decisions and regulatory compliance.
  3. Scalable Solution: As the letter of credit volumes surged, the RPA solution effortlessly adapted, scaling to handle increased workloads without an added workforce.
  4. Real-time Notifications: Automated email notifications kept users informed about closure statuses, fostering transparency and prompt action.
The partnership between Sasaran Technologies and the bank exemplifies RPA’s transformative power in revolutionizing trade finance processes. By automating daily closure activities for letters of credit, the bank experienced heightened operational efficiency, reduced errors, scalable capabilities, and improved communication. This case highlights RPA’s potential to optimize intricate financial processes for enhanced competitiveness and customer satisfaction.