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Overview
The Student GIC (Guaranteed Investment Certificate) program is a critical service for international students coming to Canada. CIBC needed to modernize this program by automating the high-volume, high-friction process of fund verification and document processing for thousands of global applicants.
Challenges
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Manual Verification Bottlenecks: Human agents were manually vetting thousands of international wire transfers and identity documents.
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Inconsistent Data Quality: Errors in manual entry led to significant delays in issuing certificates, impacting students’ visa timelines.
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Integration with Moneris: The need for a seamless bridge between Moneris data processing pipelines and the internal GIC ledgers.
Our Approach
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Automated Verification Pipeline: We built an intelligent processing engine that automatically reconciles incoming Moneris payment data with student application profiles.
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Compliance Logic Integration: Hardcoded international banking regulations and AML (Anti-Money Laundering) checks directly into the automated workflow.
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Real-Time Status Tracking: Developed a secure, student-facing portal that provides instant updates on GIC status, powered by the new automated backend.
Results
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60% Reduction in manual processing time per application.
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99.9% Accuracy in data reconciliation between Moneris and internal CIBC systems.
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Scalability for Peak Seasons: The system now handles 3x the previous application volume during the peak pre-semester rush without additional hiring.
Client Feedback
“The automation of our GIC processing has redefined the international student experience at CIBC. What used to take days now takes minutes, with a level of accuracy our manual processes could never match.”
