Unleashing the Power of Unstructured Data with Nova Enterprise.
Nova Enterprise is an advanced capability of Nova. It harnesses Artificial Intelligence (AI) to process unstructured data, such as paper-based faxes and emails. Unstructured data becomes structured data, Nova Enterprise pulls out the necessary data points from non-STP (Straight Through Processing) order flows to produce STP order flows. Say goodbye to manually keying orders from faxes, emails, and attachments into backend systems. Once non-STP orders are ingested by Nova Enterprise, they become indiscernible from STP flows. By incorporating AI and Machine Learning (ML) into the STP fund order process, organizations using Nova Enterprise can achieve unprecedented levels of automation, scalability, and efficiency. Here’s how Nova Enterprise helps organizations thrive.
Challenges with Non Straight Through Processing (STP)
Costs
Approximately 80% of order processing costs stem from the 10-20% of manual (non-STP) fund orders. This scenario is prevalent across the market, leading to significant operational inefficiencies and increased costs.
Resource Requirements
Supporting non-STP flows demands a large team, often estimated at 10 individuals, resulting in substantial operational expenses of approximately £25K per month. This manpower allocation could be more effectively utilized on value-driven tasks.
Accuracy
When manually processing data, human error invariably creeps in and can result in orders being placed for an incorrect quantity or purchase / sale price.
Peak in Operational Activity
The business cycle events, such as month-end and quarter-end, introduce operational peaks that must be managed effectively. Non-STP processes often struggle to accommodate these fluctuations, resulting in bottlenecks and increased risks.
Discover More
Embrace the future of operational efficiency Fund Order Automation using STP and Nova Gateway, eliminating manual intervention, increasing automation, and incorporating unstructured data processing.
With Nova Enterprise, financial institutions can unlock unparalleled levels of operational efficiency, accuracy, and cost savings. Please contact us for more information.
