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Like many FinTech companies, even large banks in the US are keen on new application development. One such large bank from the US is leveraging our expertise in Fintech development to enable a smooth experience for customer on-boarding and loan applications. This required implementation of the following processes within the platform:
The ask also involved integrating the legacy system with third-party AI technology providers while ensuring fulfillment of regulatory compliance. Our extensive expertise in building and testing APIs ensured smooth integration with new AI models without causing a massive overhaul of the entire system. Our knowledge of building and integrating new APIs has accelerated KYC related tasks or procedures. Our KPI integrations interact directly with external data sources, including government databases and identity verification services.
Our implementations have helped the bank build a new scalable application to facilitate the request for loans and payment advances. Our intervention modernized the entire process of verification and sanction payment advances thereby transforming the experience of member Credit Unions seeking lending services through the new application.
The service layer consists of three distinct purpose-driven sub layers that include:
Below is an example of how we built a service layer serves as the backbone of the unified application that is used by different teams within the banks related to advances.
Ensuring API Latency and Testing to Avoid Application Breakdown
Key Questions to Ask Before Launching New Features in the KYC and AML Process
Real-Time Identity Verification: AI-powered APIs can instantly verify customer identities by cross-referencing government databases, social media profiles, or biometric data. This reduces the manual effort required for KYC checks and speeds up onboarding.
Document Processing: AI integrated through APIs can automatically scan and analyze documents (e.g., passports, driver’s licenses) to verify identity and compliance with KYC requirements. APIs facilitate real-time communication between AI models and KYC platforms to flag discrepancies or errors in documents.
Continuous Monitoring: APIs enable AI models to continuously monitor customer transactions and behaviors to detect suspicious activities, helping banks comply with KYC standards beyond just onboarding.
Data Enrichment: APIs allow AI systems to pull data from various external sources such as credit bureaus, financial databases, or social media platforms. This enriched data helps improve the accuracy of risk profiling and identify potential money laundering risks.
AI-Driven Risk Scoring: APIs enable the integration of AI-driven risk scoring engines that can assess the risk level of customers or transactions in real-time. These APIs automate the decision-making process by flagging high-risk activities for further review.
Real-Time Transaction Monitoring: AI-powered APIs monitor millions of transactions in real-time for suspicious patterns or anomalies that could indicate money laundering. APIs allow banks to integrate this capability into their core transaction systems.
Instant Alerts: APIs help automate the process of generating alerts for unusual transactions or customer behavior, allowing compliance officers to respond promptly to potential threats.
Advanced Pattern Recognition: AI models, accessible through APIs, can distinguish between legitimate and suspicious transactions more accurately by using machine learning to understand patterns in customer behavior. This reduces the number of false positives, a common problem in traditional AML systems.
Machine Learning Feedback Loops: APIs allow continuous feedback between AI models and AML systems, helping the AI learn from historical data and improve its detection capabilities over time.
Faster Onboarding: With AI-powered KYC verification via APIs, banks can reduce onboarding times from days or weeks to minutes. This enhances the customer experience while ensuring compliance with regulations.
Simplified Document Collection: APIs make it easy for customers to upload required documents directly through digital interfaces, which are processed automatically by AI systems for verification.
Automated Regulatory Reporting: APIs can facilitate AI in automating the generation of detailed reports required by regulators for AML compliance. This includes transaction histories, risk assessments, and customer profiles, making the auditing process more efficient.
Audit Trails: APIs help ensure that AI-powered KYC and AML systems create comprehensive audit trails, tracking every decision or transaction review for compliance purposes.
Global Data Access: APIs can integrate AI systems with global financial data sources, allowing banks to check customers or transactions against international watchlists and sanctions databases. This is essential for cross-border AML compliance.
Dynamic Adaptation: APIs enable AI to dynamically adjust to the compliance requirements of different countries and jurisdictions by accessing regulatory data in real-time, ensuring the bank’s global operations remain compliant.
Scalable AI Solutions: APIs make it easy for banks to scale their KYC and AML systems by integrating additional AI capabilities as needed, without having to rebuild their infrastructure.
Customization: APIs offer flexibility in customizing AI solutions for specific KYC/AML requirements based on the bank’s risk appetite or customer base.
Real-Time Fraud Detection: APIs integrated with AI allow for real-time fraud detection by analyzing customer behaviors, transaction types, and patterns. This helps to identify potential fraud activities early and mitigate risks.
Behavioral Biometrics: AI models, accessible through APIs, can track and analyze customer behavior, such as typing speed, device usage, and navigation patterns, to identify potential identity fraud during the KYC process.
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Get inspired by some real-world examples of complex data migration and modernization undertaken by our cloud experts for highly regulated industries.