Anti-money laundering software saves $1M

Banking

Unified AML proves to be a game changer

Global bank overcomes Anti-Money Laundering monitoring challenges and saves $1M in infrastructure costs with a unified front end.

Client

A top 5 global bank

Goal

Create a unified platform for anti-money laundering functions, analytics, and compliance implementations

Tools and technologies

Angular 5, Java, Open Shift, and DevOps

BUSINESS CHALLENGE

The client expanded its fraud and anti-money laundering (AML) monitoring functions, involving multiple lines of business and 15,000 employees. The scaled system led to the lack of standardization of frameworks and resultant adoption of disjointed, manual-intensive, and high-cost AML technology. The ongoing disconnect hindered the efforts of automating, consolidating and implementing AML functions, enterprise analytics, and regulatory compliance efficiently throughout the organization.

SOLUTION

Iris optimized existing operations and technology investments by developing and implementing a unified point of access for the discrete AML functions, featuring micro-front-end architecture. Engineered to be horizontally scalable through containerization with common authentication and authorization gateways, the single user interface (UI) allows onboarding and control of multiple extended AML functions, including visualization of metrics.

OUTCOMES

The solution amplified efficiencies and reduced costs through the automated system and seamless exchanges of information. Significant outcomes included:
  • Hassle-free transition from multiple to a single UI
  • Unified, streamlined user experiences with more effective sessions
  • Creation of standardized deployment procedures for AML rules and applications
  • Saving of nearly $1M on infrastructure costs
  • Reduced infrastructure maintenance time
  • Frictionless migration of applications to the cloud

Related Stories

Big Data platform improves global AML compliance

Multinational bank uses big data platform to improve AML compliance and protect clients and franchises from financial crimes.

Learn more

Investment warehouse enhances communications

Bank’s multi-channel client communications and portfolio management capabilities improved with investment warehouse.

Learn more

Brokerage platform transformation improves UX

Monolithic brokerage platform transformed into microservices helps leading brokerage firm achieve improve operations and UX.

Learn more

Contact

Our experts can help you find the right solutions to meet your needs.

Get in touch
Copyright © 2023 Iris Software, Inc. All rights reserved