BancTec – iBPO – The Smarter Way to Outsource | Service Provider

banctechBancTec is a global leader in business process outsourcing (BPO), providing financial transaction automation and document management services for organizations seeking to drive efficiency in their financial and back-office processes. Headquartered in Dallas with clients in 50 countries, BancTec leverages its proprietary IP and deep expertise to deliver flexible, focused solutions across the financial services, insurance, healthcare, utility, transportation and government sectors. The company operates 19 BPO centers in the United States and worldwide, using a common technology platform to automate processes for Fortune 500 and mid-size companies.

Providing payment and document processing solutions since 1972, BancTec has consistently stayed ahead of the technology curve to better serve its clients. Starting in hardware with check-sorting equipment and high-speed scanners, BancTec expanded to software solutions. BancTec’s history in managing payment processing and document processing gives the company an in-depth understanding of client businesses, which facilitates the transfer of critical business processes from the client to BancTec. Since 1999, BancTec has offered BPO services, which now is its primary focus and fastest-growing business segment.

BancTec’s Intelligent BPO methodology sets it apart from other outsourcing providers by offering a service that is fundamentally more valuable to clients. Instead of merely outsourcing a broken financial or back-office process, BancTec addresses the root causes of inefficiency to automate and optimize business processes. Although outsourcing a broken process may reduce labor costs in the short-term, BancTec’s Intelligent BPO methodology yields efficiencies that can enrich a company’s bottom line for years to come. Customers across the banking, insurance, manufacturing, utility, government and healthcare sectors are successfully transitioning to BancTec’s smarter way to outsource. The goal is to substantially impact the balance sheet of each client through superior business process management.

Industry Solutions:

Financial Services – BancTec began in finance by providing payment processing, transaction processing, document and content processing and solutions. BancTec’s solutions ensure regulatory compliance and help avoid financial penalties, keep money and documents more secure, minimize fraud and risk, cut operating costs, improve service levels, streamline credit card application processing, accelerate issuance of debit cards/checks, and facilitate consumer finance installments.

Healthcare – BancTec offers technology tools designed specifically for the healthcare industry that improve efficiency and reduce costs, improve collections and increases yields, help eliminate write-offs, enhance in-process claim visibility, and improve provider/patient relationships.

Utilities – BancTec’s payment processing and mailroom solutions automate the processing of utility payments. The optimized process lightens the load to speed invoice processing, provide clear regulatory compliance and audit trails, and capture customer letters and correspondence.

Business Services – BancTec simplifies and streamlines processing demands with customized solutions for the accounting, legal, advertising, design, maintenance, printing, consulting, engineering, personnel and any specialized service industry. The industry-specific solutions allow the business to concentrate on its core service.

Insurance – BancTec manages and digitizes the once paper-intensive business processes of the insurance industry, reducing costs and making better use of personnel time. With solutions unique to the industry, BancTec helps with claims processing, account openings, accounts payable and mailroom automation. BancTec allows companies to get the right information to agents at any location, store policy documents together in a secure format, improve customer service by providing instant access to records, deliver claims payments electronically, and provide end-to-end automated accounts payable solutions.

Retail – BancTec electronically manages accounts payable processes, providing more efficient store card account opening, automating mailrooms, managing payment processing, and converting past paper documents to easily accessible electronic files. The latest data capture solutions are provided to better control and manage merchandise in stores, warehouses and goods in transit, ultimately giving staff more time to help the customer.

Telecommunications – BancTec provides the telecommunications industry with a range of document and payment services for all areas of the organization, from the mailroom to the finance department. Its business process outsourcing solutions create cost and performance efficiencies when processing payments, correspondence, transactions and customer requests. BancTec employs the most advanced document and data capture, workflow and storage technologies.

Public Sector – BancTec helps government agencies around the globe realize faster, more cost-effective business processes. It provides solutions for processing claims, applications, payments and general inquiries to help with data preservation, information sharing, mailroom automation, application processing, operational efficiency improvements and regulatory compliance.

Manufacturing – BancTec works with global manufacturing giants to provide processing solutions that deliver operational efficiencies and financial savings. BancTec’s solutions help reduce costs; shorten the cycle time from receipt of invoice to posting; monitor, track and measure process and employee performance; work with existing systems; and integrate operations with suppliers.

Travel – BancTec provides solutions and outsourced services for business processing in the travel industry. BancTec helps collect ticket revenue from other carriers in a more timely fashion, quickly retrieves passenger ticket information worldwide, reduces operating costs, and archives millions of past tickets.

Energy – BancTec serves the energy industry with back-file conversion, image capture and archiving, as well as application automation, inbound mail processing and payment processing solutions tailored to the specific needs of the business. BancTec’s solutions help energy companies improve organizational efficiency by providing secured access to clearer, better scans of geoseismic maps, drilling rights, landman records and other data.

Business Process Outsourcing Services

BancTec has been a leader in the payment and document processing industry for nearly 40 years.  Today, our BPO portfolio focuses on the service categories where we maintain the deepest expertise – financial transaction processing and document management.  Fortune 500 corporations, mid-size companies and small businesses are choosing business process outsourcing with BancTec to lower operating costs, improve information access and reduce business risk.

Remittance Processing – BancTec delivers both wholesale and retail remittance processing with world-class speed, accuracy and reliability.  Advanced OCR technology, specifically optimized for check processing, increases read accuracy rates and minimizes exceptions, yielding fewer bad checks, providing earlier fraud detection and reducing costs. Faster processing decreases internal float costs and accelerates funds availability. In addition, with BancTec’s worldwide network of processing centers, customers are assured comprehensive coverage and minimized delivery times. BancTec customers experience superior service, and in return, are able to deliver better service to their own customers.

Invoice Processing – BancTec’s invoice processing solutions enable enterprises to digitally process invoices and lower costs.  Automated data capture and validation processes eliminate repetitive data entry tasks and guarantee information is captured accurately.

AP Automation – BancTec’s accounts payable automation solution enables enterprises to significantly lower the processing cost per invoice and gain improved financial management. Services include converting invoices to digital format, capturing data and posting payment information to ERP and account systems. Customized reports provide increased visibility and allow for workload balancing and analysis. Organizations achieve an increased focus on cost reduction and improved fiscal management by outsourcing the accounts payable process to BancTec.

EOB Processing – BancTec’s EOB processing solution improves efficiency, reduces costs, enhances visibility and improves provider and patient relationships. It captures and converts data accurately and quickly from Explanations of Benefits, preventing increased costs and reducing delays.

Medical Lockbox – BancTec’s medical lockbox service simplifies the processing of healthcare receivables. BancTec provides total automation of processing ERAs, paper EOBs, ACH, checks, credit card payments and associated correspondence. The entire process is managed, eliminating manual keying and reducing delays while increasing revenue and improving cash flow.

Inbound Mail Processing – By outsourcing mailroom activities to BancTec, businesses gain a fully secure mailroom service that takes in high volumes of mail; converts it into a digital format; and archives and distributes it to the appropriate resources or business applications. With the capability to process up to 100 documents per minute, BancTec can easily match peak processing requirements and provide effective management and reporting through dashboard tools and audit functionality.

Claims Processing – BancTec provides front-end operations for claims processing to enable 100% electronic claims submission allowing healthcare payers to reduce administrative costs, improve auto-adjudication rates and reduce turnaround time.  Using patent-pending technology, BancTec’s claims processing service automates and integrates all aspects of pre-adjudication claims processing, including cleaning and enhancing claim data so that payments are accurate and cycle time is faster.

Medical Records Processing – BancTec’s capabilities allow healthcare providers to better manage the processing of medical records for both backfile conversion and day-forward scanning. Processing is accelerated, improving productivity and lowering costs. BancTec makes it easy to validate data, accurately balance procedural charges, review discrepancies and verify items.

Image Archive – BancTec offers capture and archive for companies that generate or handle large document volumes. Its electronic archiving eases disaster recovery, protects historical records, fulfills compliance retention requirements, increases audit readiness and enables better control of document distribution. Documents become easily accessible through a web-based portal that eliminates manual searches and reduces the time to locate data from hours to seconds.

Data Conversion – BancTec uses the industry’s fastest scanning equipment to scan and convert entire volumes of paper documents to electronic images for storage in records management, document management and archive applications. The scanned records can be delivered in any format with full indexing information, or BancTec can provide a secure hosted document archive with complete access to images over the web.

Distinctive Capabilities

BancTec’s approach to business process outsourcing is fundamentally different and more valuable than that of traditional BPO providers.

  • Its approach is called Intelligent BPO, or iBPO. It’s based on the concept that while an increasing number of companies today are outsourcing financial and back-office processes to reduce labor costs, too many are missing out on the opportunity to automate and optimize their processes before outsourcing them.
  • BancTec doesn’t just replicate business processes, it offers clients a holistic methodology to assess where BPO can most increase efficiency and reduce costs.
  • BancTec’s iBPO leverages its proprietary IP and deep vertical expertise to help clients achieve lower costs, reduced business risk, enhanced customer service and improved business intelligence.


BancTec at a glance

  • Year founded – 1972
  • Revenues – $267.7M in 2011
  • Employees – 2,000+ FTEs
  • Service lines – Finance & Administration, Document Management, Financial Processes
  • Headquarters location – Dallas, Texas

Locations of global delivery centers:

  • Dallas, TX, USA
  • Chicago, IL, USA
  • Columbus, GA, USA
  • Philadelphia, PA, USA
  • Phoenix, AZ, USA
  • Charlotte, NC, USA
  • Fairfield, NJ, USA
  • Stockholm, Sweden
  • Harlow, UK
  • Durham, UK
  • Heathrow, UK
  • Poole, UK
  • Dublin, Ireland
  • Frankfurt, Germany
  • Cologne, German
  • Paris, France
  • Utrecht, The Netherlands
  • Tallinn, Estonia
  • Delhi, India

For More Information

Web site URL – http://www.banctec.com

iBPO – The Smarter Way to Outsource

BancTec is a global leader in business process outsourcing, providing financial transaction automation and document management services for organizations seeking to drive efficiency in their financial and back-office processes.

 


1 Comment on "BancTec – iBPO – The Smarter Way to Outsource | Service Provider"

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  1. Scott says:

    One of the big trends in BPO is job repatriation as more brands realize that the advantages of keeping outsourced functions near home outweigh the (decreasing) labor arbitrage benefits of offshoring. BancTec is an example of a BPO provider with outsourcing centers that are primarily in the U.S. and Europe serving customer in those locations. It’s unfortunate that outsourcing is synonymous with offshoring in the minds of so many.

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