Digital tools powered by the Internet have opened a new set of opportunities for business organizations and entrepreneurs across the globe. Financial transactions are now possible without physically operating from a bank location. With a highly secured, high-speed network, it is possible for the banks to maintain a centralized system that ensures seamless workflow of the frontend and the backend processes across its global branches. The online platform has opened new possibilities for all kinds of banking activities like debts, loans, payments, money transactions, investments and more. This has led to the growth of a whole new vertical in the financial sector called the Core Banking Solution (CBS) provider.
Pio-Tech, a Jordan-based Information Technology provider, was recently awarded the ‘Most Effective and Creative Banking Solutions Provider’ in Jordan 2021 by International Business Magazine. The company has reported years of experience in the banking sector. It has provided banks with opportunities and measures to tackle all kinds of threats.
Nipping transgression in the bud
Pio-Tech recently announced its partnership with Refinitiv to provide banking clients of both companies in the MENA region with more sophisticated contemporary solutions against money laundering. As per a press release from Pio-Tech, the new partnership integrates Refinitiv’s World-Check Risk Intelligence data and Pio-Tech’s Anti Money Laundering (AML) solution to support online and offline working practices.
Speaking about the new partnership with Refinitiv, Pio-Tech guarantees that the new technology integration will benefit the financial institutions as they conduct ongoing screening for pre-existing clients and online screening on all activities, including through payment channels and on-boarding processes. It is also meant to help clients identify potential financial crime risk using information from reputable public domain sources.
AI-powered protection for genuine threats
Nothing hampers the integrity of a nation more than the threat of terrorist activities. Hence, it becomes imperative for the government to curb all kinds of activities that fund these activities. Pio-Tech has introduced ‘Bank-BI’, a performance acceleration platform and an Enterprise Banking Analytics solution. It integrates data from disparate systems into a unified internationally recognized banking data model. The platform is powered by Big Data, Machine learning, Artificial Intelligence, and Predictive Models.
Capabilities of the Bank-BI platform
The Enterprise AML from Pio-Tech enables the banks to proactively sense suspicious transactions with high accuracy. This offers timely detection of such transactions for informed and effective decision-making. Such AI-powered tools combined with powerful machine learning algorithms helps to mitigate and analyze suspicious scenarios. It offers full automation and less human intervention. It is a unified data management platform with online monitoring modes and integration with SWIFT, RTGS and ACH systems.
These modern day tools are reported to be so powerful that it enables visually-depicted analysis of the most minutest level of data. It not only reduces human errors, but also minimizes the chances of false positives. These AI and Machine Learning technologies can accurately detect any money laundering activities and report about it at the earliest.
Empowering law abiding enterprises
With each new elected government and with each new disruption, be it technological or circumstantial, comes the announcement of amendments in the existing complacency laws. Organizations invest a lot of resources in restructuring their existing setups to meet the new regulations. Core Banking Solution providers are required to be agile to meet these ever-changing demands in the banking sector.
Pio-Tech has a platform called the ‘Bank-BI compliance’. The platform ensures that its clients are fully compliant with the existing as well as the new regulations. The digital platform is said to guarantee an automated process for protecting the banks from incurring unforeseen penalties from regulators and central banks. Thus, it helps avoid unwanted losses. It could be said that platforms like these are able to improve ROI and promote performance enhancement across all business areas.
In September 2020, Capital Bank of Jordan deployed Bank-Bi onto its system. This enabled it to build a single source of information, streamline the information sharing and delivery across various departments and comply with the regulatory requirements. The bank has reported that the new platform has allowed it to automatically generate various reports with minimum efforts and high accuracy.
There is a common saying that goes as. ‘The Best Banker is also the best Secret-keeper’. In this modern digital world, customer data is even more critical. The best safety measures would boost the morale of the investors, which would further boost the entrepreneurial spirit of the common masses. A well-customized software solution, as showcased by Pio-Tech would not only help avert suspicious financial transactions but would also protect the financial institutions from dynamic political scenarios.
Article by Ujal Nair