Good communication acts as a solid thread for smooth collaboration.
When hindered, it adversely affects both individuals and business processes. CCIL also faced its share of communication challenges for approval processes.
CCIL is a prominent government entity in India, offering clearing and settlement services for various financial markets, like Money, G-Secs, Foreign Exchange, and Derivatives. It’s recognized as a QCCP by the Reserve Bank of India and provides non-guaranteed settlement for certain instruments. CCIL has introduced electronic trading platforms, acts as a Trade Repository for OTC transactions, issues LEIs, and is the Calculation Agent for key market benchmarks.
CCIL processes huge amounts of data every day with the help of its 20-25 interconnected departments. These departments were dependent on using emails and Excel sheets for approval processes – an outdated approach responsible for causing delays, confusion, and frustration. Higher-ups’ approval was hard to come by, and nobody knew where things stood.
This chaos meant that even simple requests took days to process, and people were spending too much time playing detective to figure out what was happening.
So, they decided to make a change.
At first, they tried the traditional route, which was rigid and inflexible. And the software vendor took ages to make even small changes. Also, they couldn’t trust it to handle requirements as the organization grows. CCIL finally decided to switch gears. They opted for Quixy, a no-code low-code platform, to automate their workflows up to 20x faster. It was a smart move to tackle their communication issues head-on and make their approval workflows smooth.
Quixy, being a drag-and-drop platform with a visual workflow interface that allows seamless integration options, CCIL automated its workflows in under 2 months, which usually takes over 6 months to build using traditional coding. A total of 6 department approval processes were automated, and each use case was automated within three weeks. The following KPIs were tracked – SLA for every approval flow at each step, monthly requests raised v/s approved, and status of the requests raised.
Users – Network Department
A Firewall Request Form is used to facilitate the process of requesting changes or modifications to a firewall configuration. It provides visibility into the status of approval requests, ensuring transparency throughout the process.
This module allows the internal users of CCIL to raise a Firewall Request for
Each request generates a unique request number, capturing justifications and rule details. The system tracks approvals and maintains a historical record of all actions taken. This means easy review of any specific request, ensuring transparency and accountability.
Users – Infrastructure Department, Application Software Department
If there are any changes in the existing infrastructure (server, computer, etc.) or any software applications, there is an approval flow configured where the respective departments fill in the two broad sections of a request form.
This entire flow is maintained with reasoning and history. The flow was configured for documenting and justifying proposed changes and conducting risk assessments to determine their impact on the system.
Users – Membership Department
To draw an analogy, consider the process of joining a club, where you typically need a membership card. Similarly, in the case of CCIL, which is a government organization dealing with trading, becoming a member involves certain steps. Their Membership Department admits & activates various entities as Members or associates with CCIL’s business segments to enable the clearing and settlement of their trading deals. Quixy configured a system where member details are downloaded and uploaded as a file for approval. This approval process determines whether a particular entity can become a member of CCIL or not.
Users – Risk Management Department
This one is closely linked to membership management. A major function of a Clearing Corporation is to reduce risks for its members (onboarded in the membership management) from failed trades arising out of defaults by their counterparties. It manages the risks so that the ultimate risk to its members from failure is eliminated or reduced to the minimum. During onboarding, an MIS report, which has all the details of members, is downloaded from CCIL’s third party. The approval workflow evaluates the risk, which supplies a comprehensive report on members and their risk factors.
Users – Surveillance Department
As CCIL is engaged in trading, various market indicators and trading standards come into play. Their role in surveillance management primarily revolves around ensuring the ethical nature of the trading activities being conducted. To achieve this, there is an automated workflow mechanism in place where you can upload a file containing all the pertinent details about a specific trade, through which it automatically assesses whether the trade is ethical or unethical.
Users- HR Department
HR involves an approval process for various activities, such as recruitment, training, vendor payments, compensations, promotions, and transfers.
This approval process ensures that the right department or personnel are involved in making decisions and taking action based on the specific activity in question. For instance, the person responsible for handling vendor payments may not know recruitment procedures. This tailored approach ensures efficiency and accuracy in HR operations.
Productivity boost- Now, CCIL is effortlessly tracking process improvement requests and referring to them when needed. The higher-ups have better visibility, and making changes to the solution is a breeze. Everything is centralized, and there’s no more need for manual approval follow-ups because they’ve set up email reminders.
Time Saved- CCIL saved 70% of the time compared to if they had gone for traditional development.
Prompt Action Capabilities- Now, their processes are completed within a day, specifically in less than 8 hours. The data is presented in an organized manner, allows easy tracking of the task status, and enables prompt action when needed.
Quixy Achieves a Hatrick in Gartner Peer Insights VoC Report for LCAP