Beyond automation

Beyond automation: Xceptor and AI
Beyond automation: Xceptor and AI | Xceptor

Xceptor and AI's impact on Account Onboarding, Confirmation Matching and Tax Management

Artificial Intelligence (AI) is now part of the stack upon which the Xceptor platform is built. The technology revolutionizes how Xceptor delivers Account Onboarding, Confirmation Matching, and Tax Document Management solutions.

Moreover, it delights customers by removing complex manual touchpoints previously deemed unchangeable while creating a different standard of end-client experience that drives additional revenue.

Xceptor is renowned for its deep understanding of the problems faced by the financial services industry. This understanding, together with its focus on simplifying complex data, operational intricacy, and now general AI capabilities, is making for a highly effective combination. A combination that confirms Xceptor's position as a leader in financial automation and validates its ability to steer the sector toward a future of enhanced accuracy and client engagement.


1. Account Onboarding

Transforming client onboarding

If financial institutions are to win the volume of business needed to be competitive, they must be able to open accounts quickly. Traditionally a manual process, client onboarding is time-consuming, error-prone, and lacks scalability, benefiting neither the institution nor the client. 

The ability to quickly onboard new clients accelerates time to value, allowing financial institutions to capture a greater market share and enhance customer experience. 

Enhancing onboarding with Xceptor's intelligent automation

Xceptor's approach to account onboarding comprises intelligent management of account requests and support for documentation and related communications before transitioning inputs into actions automatically. This automated onboarding experience allows prospects to be converted to active clients with greater speed, thereby boosting an institution's ability to drive revenues.

Through this powerful fusion of efficiency, customer satisfaction, and revenue acceleration, financial institutions' management and nurturing of client relationships is revolutionized.

The game-changing role of AI

Through AI, Xceptor interprets account requests in unstructured forms, such as free-form written requests in a portal chat or by email. As well as processing requests, Xceptor automatically responds to the customer with status updates and actions, creating a synchronous customer experience and heavily reducing onboarding times.

This AI-driven approach extends to extracting data from a broad and previously unseen range of sources, including various forms and documents, to accommodate the diversity of client submissions.

AI also facilitates the digitization of handwritten content and signatures, seamlessly integrating them into the onboarding process to ensure unparalleled precision and regulatory compliance.

The Xceptor differentiator

Xceptor revolutionizes client onboarding and account management by blending advanced AI with its platform to streamline processes, enhance accuracy, and integrate seamlessly with internal systems, transforming the client experience and operational efficiency.


2. Confirmation Matching

Optimizing with Xceptor automation

The OTC Confirmation Matching process is fraught with challenges that impact operational efficiency and risk management. Central to these challenges is the need to quickly associate inbound confirmation with trades and compare trade details to identify discrepancies or 'breaks'.

For OTC trading, the process often relies on long-form documentation, where descriptions of economics or legal clauses are often entirely unstructured. Documents may be marked up or signed manually, increasing vulnerability to oversights and errors. It’s a labor-intensive task that predominantly falls on skilled analysts, diverting their attention from higher-value tasks.

Operational risks are heightened with the reliance on manual processes, lengthening the Confirmation Matching timeline and elevating the incidence of human error. Inevitably, this burdens the institution with unnecessary inefficiencies. 

Elevating Confirmation Matching with Xceptor's precision automation

In a space where Xceptor is dominant, the platform's pioneering automation capabilities enhance Confirmation Matching accuracy. By automating the extraction of economic terms, associating documents to trades, and detecting markups and signatures, these complex tasks are simplified and executed with unprecedented precision.

Automation also paves the way for achieving true Straight-Through Processing (STP) for inbound confirmations. This eliminates error-prone manual interventions, reducing the likelihood of financial loss from missed or inaccurate confirmations.

The result is a more efficient, accurate, and risk-averse process that enhances overall operational efficiency and bolsters the financial institution's bottom line. 

The game-changing role of AI

Xceptor embeds AI to review unseen, long-form confirmations and term sheets either created by themselves and returned or raised by counterparties through the fast and accurate extraction of key trade economics. This capability extends to markup and signature identification, with AI flagging either their presence or absence.

The intelligence infused by AI also provides clients with legal clause analytics. By offering probabilities on whether the content of a clause is likely to be accepted, the mundane tasks of a confirmations analyst are accelerated and significantly de-risked.

After a full day of checking confirmations paperwork, it’s easy for an analyst to miss a change to an early termination clause or a crossed-out "0" of a nominal amount. Yet, both could lead to serious financial loss. 

The Xceptor differentiator

Xceptor stands out by managing complex OTC data structures and the Confirmation Matching process, leveraging 17 years of innovation and a strong customer service track record to navigate and simplify intricate data environments.


3. Tax Document Management

Challenges in reclaim processing for custodians

In order for custodians to process reclaims on behalf of customers, the correct tax documentation must be in place. This requires custodians to reach out to sub-custodians or the underlying beneficiary owners. For a large custodian, it can mean acquiring and managing millions of documents.  

Tax document management presents considerable challenges for tax operations, primarily due to the sheer volume and variety of documents. If documents aren't in place, reclaims can't be processed, and the customer loses out.

Xceptor's automated tagging advantage

Xceptor's Tax Document Management is powered by automation, specifically the automatic tagging of documents. By autonomously scanning and tagging documents, Xceptor alleviates the need for customers to engage in this time-consuming and error-prone task manually.

This approach enhances operational efficiency, reduces the potential for human error, and ensures documents are accurately categorized and accessible for validation and further processing. 

The game-changing role of AI

It's common for sizable packages of tax documents to arrive in a single PDF format, especially when scanned in bulk. This practice necessitates large teams dedicated to the meticulous and labor-intensive task of segregating documents into individual PDFs. Each document must be accurately located and matched with its record in the tax system, where validation and further workflow processes occur.

AI enhances the efficiency and accuracy of the tax document indexing process. It intelligently reviews each document, deconstructs bulk documents into individual files, and assigns each document to the correct case. Thousands of manual work hours can be saved by simplifying the validation and subsequent workflow processes.

The Xceptor differentiator

Xceptor distinguishes itself in financial automation by providing an unparalleled end-to-end custodial tax management system, transforming tier one custodians' document management capabilities from indexing to processing through comprehensive automation. 


Final thought

With AI now widely available, the challenge has turned to finding ways of applying the technology to the automation of real-life tasks within financial services. Meeting this challenge requires deep and specific understanding of the industry itself.

Adopting AI as a core component of the Xceptor platform marks a decisive advancement in financial operations across Account Onboarding, Confirmation Matching, and Tax Document Management. It simplifies complex processes while setting a new benchmark for operational efficiency, accuracy, and client satisfaction.

By automating and refining these critical financial tasks, Xceptor demonstrates the profound impact of integrating innovative technologies in the financial sector. 


Leveraging Gen AI and Document Intelligence in Financial Services Operations

Join us on April 25 2024 for this session with Coalition Greenwich as we discuss the immense potential of these technologies.

Leveraging Gen AI webinar