[An article on technology used in dispensing the COVID-19 Intervention Fund]
The ten (10) labours of Heracles which eventually became twelve (12) is well documented in Greek mythology. Heracles is better known as Hercules and his labours were challenges which involved, amongst many others, fighting monsters and beasts of different types. COVID 19 has created a range of challenges that seem to have no end. We like Heracles get use to a particular challenge and before we know it we are enveloped with a new set of challenges. Each challenge, like Heracles’ challenges, is endowed with not one but multiple monstrous heads.
Credit to individuals and corporates facing difficult times is a brilliant initiative and necessary step by governments of different countries. However issuing such credit creates monstrous challenges. Issuing credit required issuers to deal with the below-mentioned challenges:
procuring data from applicants in the way of supporting documents to credit applications;
secure storage of supporting documents submitted by applicants;
due diligence on same supporting documents.
These are just a few but necessary steps on the road to supporting these individuals and corporates. Lets take this challenge slightly further. Multiply the aforementioned by hundred of thousands of applicants, and to add further complexity create near impossible timelines to process same applications. Time is of essence seeing as the businesses have vendors and resources that keep the business afloat and need funding.
Most countries around the world are experiencing this multi-headed beast, and their weapon of choice in beheading this beast is technology and resources skilled in wielding this deadly weapon. First weapon of choice is a bank grade secure level cloud based platform with an easy to use user interface which applicants use to submit their supporting documents. It is essential that the applicants are guided in their submission by same platform. The object of the system is not to guaranty failure and difficulty but rather ensure all documents needed for effective analysis of applications are available. The Intralinks Document Repository is being used for this very purpose because of its easy to navigate user interface and tried and tested security system.
The second weapon of choice is machine learning artificial intelligence to aid auto review of supporting documents. Missing or expired or incorrect data in supporting documents are red lighted for reviewers to immediately set-aside whilst completed submissions are green lighted for reviewers to pass to the next level in the process. Intralinks DealVision artificial intelligence was specifically built with this in mind and makes the job of reviewers much easier and faster.
The final weapon of choice is a auto process flow system that manages the approval process. It also aids post transaction auditing. The Intralinks WorkFlow Tool is purpose built for managing the approval process as documents are moved from one phase in the process to another.
Heracles did not have these weapons when battling Hera’s many beasts but you do, so maybe you can dawdle through your Labours in record time.