In most cases, fully automating all of a company's processes is either uneconomical or your employees or customers refuse to accept it.
Does it make sense to automate company anniversary or birthday emails?
I hope you agree with me and answer this question in the negative.
Automation can seem impersonal, even if it is efficient and, at best, effective.
But what is straight through processing?
Straight Through Processing refers to processes that are designed to work without media breaks and human interaction.
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In the financial world, this term is originally characterized by the fully automated processing of transactions without manual intervention. This process already had high automation potential before the era of automation with AI. With the introduction of generative AI, there are more and more processes that can be automated without human intervention.
By implementing STP, companies can lower their operating costs, reduce errors and shorten the overall transaction time.
At the same time, many underestimate that the success of automation requires conceptual effectiveness in addition to the technical solution.
We therefore look at two cases from different sectors.
Straight through processing for insurers
Skaly provides an example of an insurer that rents out its automated processes to other insurance companies. We do not want to evaluate whether this process outsourcing makes sense for other insurers in terms of competition, but we would like to use the podcast as an opinion piece on the Topic claims processing integrate.
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Straight through processing in banks
In regulated industries, processes without human intervention offer particular traceability. The less often people intervene in processes, the more compliant they are.
The following video shows a simplified process diagram for credit checks. The more modular these processes are designed, the easier they can be adapted to changes in the law. The contribution Record annual financial statements digitally with AI - XBRL import to DiFin uses an example to show how this data collection from financial reports can be optimized for corporate customers.
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Straight Through Processing Software
There are various providers on this topic. Please contact us for an individual overview of possible providers.
At this point we would like to present you with a list of freely available software that you can operate yourself.
1. Pathway
Pathway is a modern Python framework for ETL, streaming and real-time data processing. It supports both batch and streaming workflows and is ideal for STP scenarios where data needs to be processed without manual intervention. The underlying engine is based on Rust and enables scalable, memory-resident processing with support for multithreading and distributed computing. Pathway also provides native support for LLM integrations and RAG pipelines.
2. WiredFlow
WiredFlow is a lightweight Python library for creating ETL pipelines and services with multiple processing steps. It enables the configuration of data flows that can receive, transform and store data from different sources (such as HTTP, MQTT or databases). WiredFlow supports both multi-threading and multi-processing and is well suited for STP applications where data is to be processed automatically and without manual intervention.
3. Frictionless Py
Frictionless Py is a Python framework for managing tabular data. It offers functions for describing, extracting, validating and transforming data. With its support for different data formats and sources and the ability to create data pipelines, it is suitable for STP scenarios where data needs to be processed and validated automatically.
4. DataPackage Pipelines
DataPackage Pipelines is a framework for processing data packages in modular pipelines. It enables the creation of data processing chains in which data can be extracted, transformed and loaded from different sources. Its streaming architecture makes it suitable for STP applications in which large volumes of data need to be processed efficiently and without manual intervention.
5. PySTP
PySTP is a Python module for connecting to STP (Seismogram Transfer Program) servers and downloading event metadata, phase picks and waveforms triggered by seismic events. Although specifically designed for seismological applications, it demonstrates how data can be automatically retrieved and processed from remote servers, which is relevant for STP scenarios.
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