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BANKING

Automation Accelerates Merchant Onboarding Process and Reduces Operating Costs


The Challenge

A rapidly expanding global payments solutions company faced major challenges when onboarding merchants to its payments infrastructure. Its testing and validation processes, which are critical to certify merchants, were done manually. They were labor-intensive, time consuming and prone to errors, resulting in loss of revenue and higher merchant attrition. The company needed support to accelerate certification and onboarding, and engaged Cognizant's digital banking team to implement a digital transformation solution using automation to improve productivity and speed time to market.


Our Approach

As a first step, Cognizant reviewed the company’s validation processes to determine what could be automated. Then, after evaluating several off-the-shelf solutions, we chose the Automation Anywhere® digital workforce platform to enable the end-to-end automation of its business processes. Using design thinking concepts and intelligent automation, we streamlined the testing and validation processes for faster certification. We also developed a proof of concept that introduced bots to automate the process. This resulted in an 18 percent reduction in testing time, error-free certification and faster merchant onboarding.

Integrating Automation Reduces Attrition, Improves Merchant Onboarding Process

Automating lengthy manual processes reduced overhead while saving the company 20 percent in operating costs. Our successful implementation of the merchant certification project helped us approach the client about future projects using robotic automation to automate its business processes.

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18%

improved time to market

20%

savings on operation costs

Improved

customer experience due to smoother terminal transactions.


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