Review of payment process infunds transfer unit; Citibank, N A

Abstract

In this project a detailed study of the Funds Transfer Unit operations was done with a view to suggesting improvements in streamlining information payment process, paper flow control and recommending process changes for effective exception handling. The methodology of the study involved data collection and time motion studies on the Fax Instruction Flow process. Data collection was done weekday wise for a range of factors. Trends showed that Fax instructions peaked on an average Monday and Friday. Also that Third Party Payment instructions on forms had a higher chance of being detected at the Control Desk rather than those by letters. Since letter instructions are 55% of total instructions, chances of non-detection of Third Party payments at Control desk were quite high especially on peak volume days when non-detection tendency was predominant. Time-motion studies indicated that sorting time in the Fax Room was reduced by using Plain Paper Fax machines. Also process tine for Payment Instructions at Control Desk could be reduced if logging in was done from the Cover Note itself. Further reduction can be achieved by shifting Control Desk inside Fax Room to avoid double logging. Process time in the Fax Room for Non-Payment Instructions can be reduced if a Territory Desk processes them in ‘parallel and obtains sign-off on Cover Note photocopies. The above inferences and analysis showed major improvements not only in process tine but also in lead time, manpower utilisation of process desk operators and customer service.