Financial Services Treasury Operations workflows

  • Release version: Xanadu
  • Updated August 1, 2024
  • 2 minutes to read
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    Summary of Financial Services Treasury Operations workflows

    The Financial Services Treasury Operations application provides automated, configurable workflows designed to streamline treasury service requests within financial institutions. These workflows facilitate case creation, task routing, and coordination among treasury and document agents to efficiently manage treasury product onboarding and service modifications.

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    Key Features

    • Predefined Treasury Workflows: Includes built-in workflows for Remote Deposit Capture (RDC) Service and Wire Transfer Service, created using Process Automation Designer and Flow Designer.
    • Customizable Workflows: Treasury administrators can review and tailor workflows to meet their organization’s specific needs.
    • Case Management: Cases are initiated by treasury contributors and progress through defined stages with task assignments guided by a case playbook.
    • Role-Based Task Routing: Tasks are automatically assigned to treasury contributors, back-office treasury agents, and document agents based on assignment rules.
    • Due Diligence and Documentation: Treasury agents perform due diligence (specific to RDC workflows), while document agents handle agreement document generation, sharing, and acceptance.

    How It Works

    • Customer Request: A customer contacts the financial institution to request a treasury service.
    • Treasury Contributor Role: A treasury contributor (e.g., relationship manager) initiates a case for product onboarding or modification and submits the application, triggering the workflow.
    • Back-Office Agent Tasks: Treasury agents review and complete due diligence, document agents manage agreement documents, and treasury agents fulfill activation tasks.
    • Service Activation and Closure: After task completion, the treasury service is activated in the core system, customers are notified and trained, and the case is marked as Closed Complete.

    Benefits for ServiceNow Customers

    By leveraging these workflows, ServiceNow customers in the financial services sector can automate treasury service processes, improve task coordination among teams, ensure compliance through due diligence, and enhance customer experience via structured onboarding and activation procedures. The ability to customize workflows ensures alignment with organizational policies and operational requirements.

    The Financial Services Treasury Operations application installs automated workflows that can be configured for any treasury service. These workflows create cases and route tasks to the treasury and document agents.

    Workflows available with this application

    The following predefined workflows for treasury services are available with the application:
    • Remote Deposit Capture (RDC) Service
    • Wire Transfer Service

    These workflows are built using Process Automation Designer and Flow Designer. The treasury admin can review and customize these workflows according to the needs of their organization.

    The following diagram shows how the application helps bank agents resolve a treasury request for onboarding RDC service.
    Figure 1. Treasury operations workflow example for onboarding RDC service
    Workflow that shows how onboarding of RDC treasury service is completed using the treasury operations application. For the text description, refer to the workflow steps that follow.

    General workflow for Treasury Operations

    When a customer requires a treasury product, a treasury contributor initiates a case and updates its details, triggering the workflow. Throughout the workflow, treasury and document agents complete their assigned tasks and update the status of the case. The case playbook guides agents through the steps that are needed to resolve the case.

    The following is a typical treasury workflow in the Financial Services Treasury Operations application.
    Note:
    Depending on the service request type, a workflow might have additional or fewer tasks.
    As a customer
    A customer contacts the financial institution and requests for a treasury service.
    As a treasury contributor
    A treasury contributor, such as a relationship manager, submits a request for a treasury product activation or modification on behalf of the customer.
    1. The contributor initiates a treasury product onboarding case.​
    2. In the case playbook, the contributor updates the case details in the Initiate stage and submits the application.

    A workflow is triggered automatically and the assignment rules route the associated tasks to the appropriate back-office teams.

    As back-office agents
    1. In the case playbook, a treasury agent reviews the case details and performs a due diligence. If the applicant meets the standards of the financial institution, the agent marks the task as complete.
      Note:
      The due diligence task appears only for the RDC service workflow.
    2. The document agent works on the document task to generate an agreement document, share it with the customer, and get an acceptance for it.

      The workflow generates fulfilment tasks for a treasury agent to work on them.

    3. When all prior tasks are completed, a treasury agent activates the treasury service in their core treasury system, sends the service activation email to the customer, and starts the customer training for the treasury service.

    The state and stage of the case is set to Closed Complete.