Credit Memo Processing
Overview
The customer is a U.S based leading provider of multi-asset class data and research, delivered through innovative platforms, coupled with insightful analysis.
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Challenges
Costly legal team required to assess credit documents
Time-intensive process required to update spreadsheets
Inaccuracies due to different language used by legal teams
Solution
- RPA process execution
- OCR for extraction of data from credit memo documents
- Machine learning to learn from and process language from attorneys in the credit memos
- Automatic structuring of document data and subsequent updation of all spreadsheets for financial teams
Outcomes
- Speed and Efficiency – Reduction from 15 minutes ~ 2 hours to just 15 seconds
- Quality and resiliency – improved accuracy across all processes
- 90% Reduction in the attorneys' fees
