Software transformation gets compliance for bank

Risk & Compliance

Software transformation gets FDIC compliance for bank

World’s renowned investment bank gets timely compliant with new QFC (Qualified Financial Contracts) and FDIC (Federal Deposit Insurance Corp.) regulations through holistic system transformation and extensive QA & testing.


A global investment bank


To have a unified functional validation system for FDIC compliance

Tools and technologies

SQL Server, Sybase, Data Lake, UTM, .NET, DTA, Control-M, ALM, JIRA, Git, RLM, Nexus, Unix, WinSCP, Putty, Python, PyCharm, Confluence, Rabacus, SNS, and Datawatch


The client mandated to comply with new QFC (Qualified Financial Contracts) regulations. The client also needed to perform in-depth functional validation across a revamped data platform to ensure it could timely process, review and submit to the FDIC (Federal Deposit Insurance Corp.) required daily reports on the open QFC positions of all its counterparties. The project entailed immediate availability and processing of accurate QFC information at the close of each business day to swiftly assess data and note exceptions and exclusions for early corrective action. It also aimed to help the client meet stringent deadlines with varied report formats. Any breach or delay in compliance could attach hefty fines and reputational damage to the bank.


Iris revamped the entire system and performed end-to-end quality assurance and testing across the new regulatory reporting platform. This meant validating the transformed multi-layer database, user interface (UI), business process rules, and downstream applications. We identified and solved workflow design gaps affecting data reporting on all open positions, agreements, margins, collaterals, and corporate entities, thus enhancing the capability for addressing irregularities. Our experts established an integrated and collaborative system, commanding transaction and reference data within a single platform by incorporating 166 distinct controls pertaining to data completeness, accuracy, consistency, and timeliness within a strategic framework.


Our quality assurance and testing solution delivered the following impacts:
  • Faster and more efficient internal analysis with highly accurate QFC open positions
  • 100% compliance with timing and format of required daily QFC report submissions to the FDIC
  • Significant decrease in exceptions before the platform went go-live and critical defect delivery drastically reduced post-implementation
  • An intuitive UI dashboard reflecting the real-time status of critical underlying data volumes, leakages, job run, and other stats

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


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

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