There are many different industries that benefit from our document hosting services every day. Today, we’re profiling a national bank for which we’re managing approximately 35,000 wire transfer agreements per month from over 500 locations.
Currently, each location maintains these agreements on-site. Not only do all these documents take up a great deal of space, it’s a nightmare and a huge liability in terms of risk management. With the current system, it’s nearly impossible to track who authorized the agreement and whether the agreement was actually completed.
The bank decided this paper-based system is simply unacceptable when there are corporate customers transferring large sums of money. On the PaperHost platform, the bank can now validate that the agreement was completed with a confirmation number. Organization is crucial!
We’ve set up 10 fax numbers that we monitor to ensure there’s never a busy signal, so we can process 150 faxes simultaneously.
When the fax of the wire transfer agreement comes in, we receive the image and run it through our Automated Data Capture to lift information from five critical fields. We then load this content onto PaperHost so it is searchable by any authorized member of the bank.
These documents will be housed on the secure PaperHost platform for seven years. With 35,000 agreements at six pages each, that’s 210,000 pages per month for seven years – or 17.6 million pages total, which constitutes half a terabyte. That’s a lot of paper for which these bank locations no longer need to allot storage space!
With all this information loaded and processed by PaperHost, we’re also able to provide analytics on the data. In the case of the bank, the central wire transfer department can download a custom data file in order to perform analytics for the transfers from all their locations.
By having PaperHost manage the flow of these agreements, the loss of a wire transfer agreement is greatly reduced without adding additional personnel. Our mission: Eliminate legal liability while streamlining the organization process.
Learn more about what PaperHost can do for your business at www.PaperHost.com or contact us direct at 800-882-3573.