Synpulse and VR VSC eG Successfully Implement AI-Powered Seizure Automation
Synpulse, a leading consultancy specialising in the financial services industry, and VR VSC eG, a market-leading service provider for cooperative banks in Germany, announce the successful go-live of their AI-powered automation solution for seizure of bank accounts.
Banks in Germany process around 1,000 seizure orders per year per billion euros of total assets. They are usually given 24 hours to initiate the necessary steps, such as blocking the account, upon receipt of a seizure notice. This manual and inefficient process poses a significant challenge and ties up valuable staff resources.
Synpulse's seizure processing solution automates and streamlines these processes efficiently and with high quality, resulting in cost savings. The solution is now live at VR VSC eG and is already utilised by several cooperative banks.
The innovative solution significantly accelerates the seizure automation process and enables banks to process it around 50% faster. The integration of AI technologies in conjunction with Robotic Process Automation (RPA) has proven to be extremely effective in optimising processes and minimising risks.
André Burger, Senior Partner at Synpulse, comments on the collaboration: "We are proud that our partnership with VR VSC has continued to develop so successfully. Our seizure platform has established itself as a valuable component of our intelligent document processing offering and impressively demonstrates how modern technology can revolutionise processes."
Ralf Rogge, Chairman of the VR VSC eG Executive Board, states: "The initial results speak for themselves. We are pleased that we have already been able to convince the several cooperative banks of this innovation and see great potential for the future."
In the coming months, more customers of VR VSC eG are to be integrated into the solution to benefit from the efficiency gains and cost savings. Other retail banks can also easily benefit from this scalable solution.