The successful implementation of RPA in finance and custom financial software development is an example of how technological solutions can transform the operations of a financial organisation. The seamless integration of automation and human oversight not only elevated efficiency but also empowered the firm to maintain precise financial records.

The context
In the world of financial organisations, it is crucial to maintain accurate and up-to-date clients’ portfolios in their systems. Wealth management firms and family offices heavily rely on integrating client transaction data from banks into their portfolio management systems. However, manually recording these transactions presents a challenge due to their labor nature and susceptibility to human error. To address this issue, a prominent multi-family office in France sought a solution that could optimise their workflow and enhance efficiency in transaction recording.

The challenge
The multi-family office faced a challenge – recording client transactions from custodian banks into their portfolio management system proved to be an arduous and error-prone task. The manual entry process not only consumed time but also left room for human errors resulting in discrepancies that were difficult to identify and resolve within the system.

This inefficiency led to a drain on resources and the potential for inaccuracies that could undermine the integrity of their records.

Our solution
Recognising the need for an automated solution, PetakSys proposed a custom financial software approach; the development of an RPA system. Leveraging the capabilities of SS&C Advent APX portfolio management system’s API, PetakSys created an RPA solution. This innovative system seamlessly integrated with the client’s existing portfolio management infrastructure automating the process of posting transactions from banks to the APX portfolio management system.

The main features of our solution included;

• Tailored RPA development; PetakSys engineered a custom RPA solution that utilised automation to handle transaction posting smoothly.
• Integration with SS&C Advent APX API; By leveraging the capabilities of APX API, our RPA system efficiently communicated and processed transactions directly into the portfolio management system.
• User monitoring platform; PetakSys developed an intuitive platform for the multi-family office, empowering them to oversee and intervene in the RPA process while ensuring control and transparency.

The outcome
Implementing our RPA solution had a transformative impact on our client’s operations;

• Optimised resource allocation; By automating the transaction posting process, our RPA solution freed up human resources from mundane tasks. This enabled the team to shift their attention towards value-adding activities.
• Improved accuracy and accountability; The solution effectively eliminated any uncertainties regarding transaction postings ensuring a record of which bank transactions were posted and which portfolios were not. It significantly reduced errors and discrepancies enhancing accuracy and accountability.
• Reduced time; What used to require a significant amount of time and effort has been streamlined to almost zero. The RPA solution greatly reduced the time spent on transaction posting resulting in an agile workflow.
• Human oversight and control; Even though the RPA bot performs tasks automatically, our solution maintains an important element of human oversight and control. The provided platform ensures transparency and control allowing for intervention or adjustments as necessary ensuring involvement in the process.

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