Retarus Press Release:
DZ PRIVATBANK is Relying on Retarus for the Digitalization of their Processes
“No booking without a valid record”: Retarus Managed Capture Services simplify the capturing of records
Munich, 25.09.2018 // – DZ Privatbank S.A., the largest foreign subsidiary in the DZ Bank Group, has entrusted Retarus with the digitalization of its processes. The Luxembourg-based financial institution has introduced the use of Retarus Managed Capture Services with immediate effect, to enable the automated capturing of investment fund orders. As a result, the bank now profits from faster, more transparent workflows and a reduction in both processing costs and error rates.
Especially within the scope of their investment fund services, employees at the bank were previously required to enter a huge amount of transactions manually on a daily basis. As part of their digitalization strategy, the financial institution was thus looking for an innovative, digital service to standardize these processes in order to speed them up substantially. With Retarus Managed Capture Services the bank is now well-placed to integrate those incoming orders which have not been received via electronic channels, such as SWIFT connections, into their own digital infrastructure in an efficient and transactional way. For the business partners concerned, there is no change at all. Partner banks or investment fund administrators dealing with the financial institution without using a direct electronic connection can simply continue to send their orders by way of fax or email.
Less efforts thanks to Intelligent Document Recognition
All incoming documents are run through powerful automatic text recognition (Intelligent Document Recognition, IDR) based on multiple OCR engines, which is able to comprehend the structure and appreciate the purpose of the various components of the document, in addition to capturing the text itself. If individual details should on occasion prove to be unreadable, for instance due to illegible handwriting, the document concerned is automatically forwarded to a shared email address from where it can be post-processed manually. Subsequently, the records are automatically extracted in a format that can be processed and imported directly into a billing system by way of an automated upload function. Parallel archiving of the documents ensures that all transactions can be traced and retrieved quickly.
“No booking without a valid record”
“Orderly, compliant bookkeeping in accordance with the ‘No booking without a valid record’ principle is extremely time and cost intensive. Thanks to digitalization, we’ve now got an opportunity to further simply processes which previously involved a high amount of manual work,” says Mathias Badouin, Head of the Transfer Agent & Distribution Services department at DZ PRIVATBANK. “With the assistance of Retarus Managed Capture Services we have succeeded in standardizing and accelerating the processing of our transactions significantly. Moreover, we have been able to minimize operational risks owing to the virtual absence of capturing errors.”
Since 1992, Retarus has been supporting companies in achieving highly efficient communication. The global information logistics provider with 13 branches on four continents always plays an important role where large amounts of data need to be transmitted securely and reliably –– irrespective of which communication channels, interfaces, applications and devices are required. The services are soundly based on a Global Delivery Network which includes the company’s own data centres in Europe, the USA and the APAC region, as well as fully redundant carrier infrastructure. Half of all EURO STOXX 50 companies and about 20 percent of Dow Jones corporations rely on Retarus’ services. Longstanding customers include Adidas, Bayer, Continental, DHL, DZ BANK, Honda, Linde, Osram, Puma, Sixt, Sony and Thomas Cook.