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Federal Bank to Use OspynDocs to Fast-track Process Automation

In Business
April 20, 2022

THIRUVANANTHAPURAM:
Technopark-incubated Ospyn Technologies has clinched a major work order from Federal Bank. OspynDocs software platform will fast-track the bank’s process automation.

The Technology firm, which has a wide client-base across India and abroad, signed the deal with Federal Bank recently. Federal Bank has onboarded Ospyn to automate and accelerate its processes such as loan document vetting, loan origination, de-duplication check and inter-office communications.

Federal Bank, a pioneer in digital activities, will implement OspynDocs, a cutting-edge digital platform that would accelerate the process of its business automation and create a centralized document management system to enhance customer satisfaction.

The platform also consists of standard modules like document management, business process management, and multi-channel content capture system and is equipped with Artificial Intelligence (AI) and Machine Learning (ML)-based capabilities.

“For Federal Bank, it will be a key value addition as the software offers instant automation in compliance with regulatory standards. The platform will improve process automation, operational efficiency along with enhanced customer experience,” Ospyn Managing Director and CEO Prasadu Varghese said.

Ospyn Director and CTO Kishore Kumar said, “The low-code capability of the platform enables faster business automation through rapid creation and configuration of process-centric solutions. OspynDocs helps in building composable applications, which will be the future in digital transformation.”

The 2009-launched Ospyn Technologies offers digital transformation solutions to government, banking & financial institutions, healthcare, and educational institutions.

The company provides an enterprise software solution to transform the paper-based and disconnected processes of an organization into a digital one. The company has an expanding client base across India, the Middle East and Africa.