Software
Finance
Germany

Optimizing Contract Processing for a Leading European Financial Institution

Streamlining documents processing workflow

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About the client

Our client, a software development and consulting firm based in Germany, partnered with us to deliver a solution for a prominent international financial institution. The project involved enhancing an internal application used for processing business contracts, such as employment and B2B agreements, within the German branches of one of the largest global banks. Given the complexity of financial compliance and the volume of contracts, the client required a streamlined, efficient process that could meet the high standards of a regulated industry.

Business challenge

The primary challenge was to improve the contract processing workflow within the client’s system. This involved:

Extending the document flow within the application to incorporate multiple levels of review and approval.
Introducing functionalities that enabled supervisors to approve or reject contracts efficiently, ensuring that only fully vetted agreements progressed through the pipeline.
Making smaller system adjustments as per specific requirements from the financial institution, with a focus on maintaining compliance and user-friendly functionality.

The project required a solution that not only improved efficiency but also adhered to strict security and compliance standards in the financial sector.

Team composition

Full Stack Developer
Analyst
Tester

Our solution

To meet the client’s requirements, we implemented several key features to streamline the contract processing workflow:

Approval Workflow Extension: We developed an approval mechanism that allowed supervisors to review, approve, or reject contracts based on predefined criteria. This addition helped automate portions of the approval process, reducing the time required for manual verification while ensuring each contract met compliance requirements.
Enhanced Document Flow Management: By extending the document flow, we enabled clearer tracking of each contract’s status, giving users and supervisors a transparent view of where contracts were in the process. This transparency was essential in a high-stakes environment like finance, where real-time information can prevent bottlenecks.
Adaptable System Adjustments: We made several additional modifications to fine-tune the system to the bank’s specific needs, with each change tested rigorously to ensure compatibility and compliance with the bank’s internal policies.

Technologies used in this project

Frontend: React
Backend: Java, Spring
Database: MongoDB

How about repeating the /success/ of our clients?

Value we added

The upgraded system provided tangible benefits by enhancing the efficiency and accountability of contract processing workflows for the bank. The key advantages included:

Accelerated processing times through streamlined approval and rejection functionalities, reducing delays in the contract lifecycle.
Improved visibility into contract status for all involved parties, allowing faster response times and increased accuracy.
Compliance with industry standards, reinforcing trust and reliability in the bank’s internal processes.

The updated system was successfully deployed and accepted by the financial institution, showcasing its adaptability to handle high volumes of contract approvals in a secure and compliant manner.

Future perspective

The success of the initial implementation has set the stage for ongoing development. With the next phase of work already scheduled, the system’s modular structure allows for additional features to be added as required by the bank. Future improvements are expected to enhance efficiency and adaptability, positioning the platform to scale further as internal needs evolve.