Case study · banking

Spacemark: a centralised core for cooperative banks, ₹80+ crore processed

Daily deposit collection through 130 field agents, reconciliation and one system of record, for cooperative banks whose customers are visited rather than visiting.

Core bankingField collectionReconciliationLive

130

FIELD AGENTS COLLECTING DAILY

₹80+ crore

PROCESSED

1

SYSTEM OF RECORD

Live

IN PRODUCTION

The challenge

A cooperative bank’s deposits are collected in the field, every day, by agents visiting customers who do not come to a branch. Each collection is a transaction that has to be recorded, reconciled and reported, and until it is, the bank’s books and its cash do not agree.

The system had to give 130 agents a way to collect and record on the spot, and give the bank one reconciled system of record that a regulator or an auditor could read.

What we built

Daily deposit collection through 130 field agents, recorded at the point of collection rather than re-entered later.
Reconciliation built in: every collection either settles or is flagged, so the bank’s books and its cash agree at the end of the day rather than at the end of the month.
One system of record for accounts, collections and reporting, in place of the branch-by-branch ledgers it replaced.
Over ₹80+ crore processed through the platform, in production.

Where to go next

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Running a process where every transaction has to reconcile?

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