Case Study
Remittance Processing for a Leading Midwestern Bank
Remittance processing for large volumes at various locations incurs higher operational costs for the bank. Here’s how XBP helped.
Challenge
The remittance processing operations of a top-tier bank in the Midwest were conducted through various bank-operated processing centers.
These centers relied on expensive maintenance and data synchronization procedures, utilizing onsite software and hosting solutions. However, as processing volumes decreased, the bank struggled to justify the high costs associated with this dispersed approach. Furthermore, the bank faced significant risk in the event of a disaster due to their recovery model, which relied on an unstaffed third-party site located several states away.
solution
XBP offers remittance processing
XBP facilitated the bank’s transition to a hub-and-spoke model, utilizing our cloud-based remittance processing platform, which incorporates exclusive scanning and data management systems. Our platform is hosted and maintained by XBP in a secure, fully redundant processing center (hub). By consolidating the bank’s bank-operated sites to just one (spoke), much of the overhead and management responsibilities associated with remittance processing were eliminated. The flexible nature of this operating model and its transaction-based pricing structure enabled XBP-processed volumes to fluctuate as needed.
Additionally, this hub-and-spoke approach allowed for a small portion of remittance volume to be processed at an XBP site that is geographically separated from the bank’s site but still in close proximity for efficient mail reshipment in the event of a disaster. In such a scenario, XBP’s operation can quickly absorb the total processing volume, improving business continuity and enabling the bank to reduce expenses related to maintaining its own systems and third-party site.
Benefits
Benefits with remittance processing
- A 35% decrease in payer processing costs
- Over 50% reduction in cycle times
- A 20% decrease in resubmission rates
- Improved transparency for payers, providers, and members
- Reduced member outreach volumes
- Fewer payment errors
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