DMM’s Financial Services Solution Creates Automated Work-flow - Improves Delivery and Increases Savings!

Posted: Apr 28, 2022 in Industry Case Study
The Business Challenge

DMM has managed business critical communications for over thirty-seven years for financial services companies.  A top tier commercial banking client on the east coast needed a full-service solution to manage the processing of the following applications: bi-annual IRA statements, daily check production, year-end tax forms, and 5498 ESA tax forms cost-effectively and efficiently — reducing time to market.  DMM’s development and client solutions team were able to create an automated work-flow solution allowing the bank to deliver critical information to their customers in a more timely and cost-effective manner.

 

Solution Description

DMM developed an automated work-flow platform providing faster processing times, integrity verification and an improved time to market.

Quarterly IRA Statements

DMM manages the processing of the bank’s multi-page IRA Tax Statements quarterly.  The application includes programming, printing and mailing to approximately 40,000 customers.  A solution was created applying 2D barcode technology to ensure 100% integrity verification for the insertion and mail piece tracking.

Print  and  Mail Processing of  Daily Checks

DMM receives daily live files over an SFTP and prepares the check files for MICR simplex printing and mailing as a #10 package for disbursements from the clients’ deposit accounts.  Volume processing ranges from 100 to 3,500 checks daily and adheres to a same day SLA delivery.  A special handling process was developed to create a pull list for the client for checks over a certain amount through the dmm360 customer portal.

1099 INT’s and Other Year End Tax Forms

This application includes the preparation and processing of the bank’s year-end tax forms.  The application includes programming, printing and mailing to over 135,000 customers. DMM’s programming staff provides customized INT code translations for some of the tax forms and is able to work with multiple formats providing customized output files back to the client.  Full-service tax processing includes programming, data, print, mail and postal presort processing and USPS verification for presort discounts.

Results
  • 100% compliance attained by converting to 2D barcode technology for inserting integrity
  • Faster and less costly programming changes making communication delivery seamless
  • Decreased processing costs as a result of fewer programming hours
  • Increased postal savings due to postal presorting of the data files
  • Faster time to market for critical communication delivery