OPTIMIZING PRE-FUNDED INSTRUMENTS AND AML PROCESS AUTOMATION

OPTIMIZING PRE-FUNDED INSTRUMENTS AND AML PROCESS AUTOMATION IN EFT FOR A COMMERICAL BANK IN CANADA

BUSINESS NEEDS / CHALLENGES

The client had two major challenges that were optimizing the pre-funded instruments clearances and AML process improvisation in Electronic fund transfers.

Analyze the current systems to process pre-funded instruments and improvise the same.
Integrate third party AML systems in real-time electronic fund transfers.

THE CONSCALA APPROACH

1. Implemented an agile methodology to implement custom procedures in pre-funded instrument modules.
2. Developed process automation scripts to implement real time AML screening for EFT transactions.

CLIENT BENEFITS

1. The new procedures reduce the instruments batch processing time by 3 seconds.
2. Third party AML screening of EFT transaction was implemented.
3. This implementation reduced the fraud transaction incident rate by 70%.
4. Additionally, the new system allowed the firm to scale up the number of cases while realizing the above-mentioned performance improvements.