Centralize and automate  pricing and billing for corporate and FI

Challenge

Customers from a Tier 1 European bank were receiving multiple bills for their products and services because the pricing and billing were executed independently in each of the core processors that execute the array of services. This, in turn, was leading to elevated volumes of inquiries from customers who could not reconcile their bills and allocate their banking costs internally. Additionally, introducing new products and services was hampered by the time and complexity of setting up new billing codes across the billing ecosystem.  Ultimately, the bank’s technology and operational costs were elevated, write-offs were commonplace and customer satisfaction was low.

Zafin platform enabled:

• Centralized pricing and billing system for all corporate and FIG customers
• Relationship pricing at the customer/group level
• Accurate and automated accrual reporting and GL postings
• Data transparency for both bank users and customers

Resulting in:

• Reduced lead time required for billing of new products down to one week
• A single bill for each client
• Accurate financial reporting, monitoring and forecasting
• Complete remediation of legacy product codes and pricing arrangements