Fiserv saves 100s of hours per month automating merchant back book reviews
Problem
Fiserv was struggling to automate their periodic review procedures across all legal entity types. The re-verification of their huge customer base was proving to be an expensive, complicated and long operational process. The following problems surfaced:
- Even for the simplest legal forms, the sheer number of checks to be performed would require 1000s of man hours of manual work to resolve the existing backlog.
- The company needed to split cases by risk level, legal form and overall case complexity between more experienced team members and an outsourced team.
- Without extreme investment into a dedicated in-house team, the ODD process would take long enough to overlap with the next periodic review schedule, creating a vicious circle of backlog.
Solution
By partnering with Transactionlink, Fiserv was able to significantly speed up the data collection, comparison and update at scale, while adhering to the wider group’s technical requirements and compliance policies:
- Fiserv received a complex workflow that automatically fetches data and time-stamped documents from registries. The workflow offers a complete coverage of all legal entity types, including sole traders, joint-stock companies, multi-layer ownership structures.
- The case management system has been tailored to fit Fiserv’s organisational requirements. The team received a configuration module that allows to generate cases to be worked through based on risk level, legal type and current team availability (how many cases should be generated at a given point in time).
- Thanks to full control over which cases should be worked on first, Fiserv is able to efficiently split the workload across their local and offshore teams. More senior team can tackle complicated cases, while less experienced - focus on simple cases.
Benefits
Fiserv is a multinational financial technology company that provides payments and financial services technology to banks, credit unions, merchants, and other financial institutions worldwide. It processes debit and credit card transactions and it also produces point-of-sale terminals.
About Transactionlink
TransactionLink is the most flexible KYB automation solution on the market. It combines ready-made customer forms with a no-code custom business logic builder and an advanced case management system. TransactionLink takes the pain out of sourcing registry data and primary documents globally, automating EDD procedures, establishing complex ownership trees, and building customer-facing forms by providing a single, easy-to-use solution.
TransactionLink already works with global leaders like Fiserv, Elavon, SIBS, and Viva Wallet, and challengers like Holvi, Pliant, and EqualsMoney, delivering a tailored experience to their internal teams and customers.
