TitanPayAI
Automating manual processes for Cross-border Payments using AI for Banks
Introduction
Company is focused on delivering automation for the banking industry in the cross-border payments space using AI.
Zeeshan used to be the Head of Cross-border payments for the HSBC Bank, and experienced this as a major problem for the banks and clients alike. The whole payments industry suffers from this problem which results in a bad client experience (delays in payments), high costs and operational risk for banks.
Problem
The problem we are solving is a global issue called Request for Information (RFI), where banks in a cross-border payment stop a payment, asking for more information due to sanction screening or other formatting issues. Due to the manual nature of its handling, this process results in high operational costs for banks ($25 per RFI), payment delays leading to client unsatisfaction, revenue leakage due to the manual recovery of RFI charges ($40 per RFI), and operational risk for banks (payments delayed beyond standard SLAs). RFIs are the most significant factor in cross-border payment delays and non-STP globally (80-90% of delays).
Of the 24 trillion global cross-border payments, around 10% get a Sanction Screening hit and of these hits, around 2% of the payments result in an RFI which is approximately 50 million RFIs globally. At $25 fee per RFI, the TAM is around $1.25Bn and can be doubled if two banks in chain face the same RFI.
Solution is for banks that make cross-border payments, with beachhead market in US to UAE corridor.
Opportunity
Using AI, RPA, and APIs, we can change the current process from a manual to an automated one, taking out the bank’s operations completely. The solution is not dependent on other banks in the industry joining and can be implemented at any one bank
Solution can leverage existing RFI database of past RFIs and respond to new RFIs automatically, leveraging existing information in RFI database. Solution will also integration with billing system to automatically charge clients for RFIs, currently a revenue leakage area.
Solution will result in approximately $25 per RFI of operational cost savings and $40 per RFI in automatic billing to clients (provided that this is currently not recovered automatically and verifiably). As operations are entirely taken out due to automation, bank can re-deploy these operational resources elsewhere and this also mitigates a significant operational risk.
Automation for RFIs differentiates bank’s payments vs markets and leads to more business from current and new clients.