Case Study 1: Balance Transfers and Credit Balance Refunds
A bank was manually generating approximately 120,000 Balance Transfers and Credit Balance Refunds via Official Check.
The bank did not have an automated method to process balance transfers or credit balance refunds without generating an Official Check. The cost of their manual process was 6 FTEs to perform the manual process (~$360,000 in salaries/benefits per year) and ~ $360,000 in Official Checks ($3.00 per Official Check).
Automate the process of importing, funding, and fulfilling the balance transfers, processing credit balance refunds and manual refund requests. Because more than 50% of payment disbursement transactions could be processed electronically (instead of via paper check), the cost was $59,300.
Cost Savings for the bank using DLS Payment Disbursement System:
- $300,700 in savings on Official Checks
- Savings of $360,000 in salaries and benefits
- In addition, the bank no longer needs to maintain controls around the storage/use of Official Checks, clients receiving electronic transactions have a better experience and there is a seamless integration with the client’s Escheatment process