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iLink Solutions | Case Studies | A leading M2M Wireless Solutions provider

A leading Bank in the Middle-East

Compliance, Time to Market and Cost Savings

Expert Functional Testing of Sanctions Screening Solution

The Challenge

Complying with sanctions regulations to protect against risks, fines, and reputational damage is an ongoing challenge for banks given the changing international regulatory landscape and increased customer and transaction volume.

FircoSoft Sanctions Screening Solution to replace existing SafeWatch System and Go Live to Market across the Bank ‘sHead Office and Branches including London, Hongkong and India within a year without any Business impact. Achieving lower false positive rate also being a key requirement. Considering the Industry Standard timelines for similar Market Launches, this was highly challenging.

The Solution

Firco Continuity and Firco Online implementation ensures sanctions compliance and eliminates the risk of doing business with high-risk customers or entities. The solution addresses new business requirements and keeps ahead of regulatory changes.

Leveraging iLink test team expertise on FircoSoft Solution combined with performing exhaustive testing helped achieve reduced test cycle time, accelerated time to market and high end-user confidence.

Different testing aspects covered included Trade, Securities and Payments transactions screening for all globally accepted message types against external and internal sanctions lists; transactions processing Decision Workflows; integration and routing rules with Payment Applications and Gateways; complex business rules for fine tuning for False Positive reduction; testing of advanced and powerful Algorithms and the User Interface.

The Outcome

Improved Overall Reliability; Increased Operational Efficiency; Improved Cost and Time savings.

  • Production Live in 8 Regions within 1 Year.
  • High Quality of implementation with Zero production issues.
  • Effective False Positive Reduction.
  • Increased straight-through processing (STP).