Ascend Minds’ Post

UI components for Bank's KYC platform

𝐄𝐱𝐜𝐢𝐭𝐢𝐧𝐠 𝐒𝐮𝐜𝐜𝐞𝐬𝐬 𝐒𝐭𝐨𝐫𝐲 𝐢𝐧 𝐈𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭 𝐁𝐚𝐧𝐤𝐢𝐧𝐠 𝐂𝐨𝐦𝐩𝐥𝐢𝐚𝐧𝐜𝐞! Thrilled to share the remarkable journey of our collaboration with a leading private investment bank to revolutionize their compliance landscape. With a rich legacy spanning over two centuries, this institution entrusted us to enhance its Know Your Customer (KYC) process, setting new standards in efficiency and accuracy. 𝐂𝐡𝐚𝐥𝐥𝐞𝐧𝐠𝐞: With 6,000 employees, 18 global offices, and a diverse range of financial services, ensuring compliance with anti-money laundering (AML) regulations was paramount. Our mission was to expedite their KYC procedures, minimize errors, and fortify their compliance posture. 𝐒𝐨𝐥𝐮𝐭𝐢𝐨𝐧: Enter KYCView 2.0, the upgraded version of our flagship KYCView application. Designed with configurable components, it empowered the bank to seamlessly navigate AML regulations across its investment banking operations. The platform efficiently gathered customer identification data, legal entity details, and investment specifics for different entity types. A structured workflow and regulatory reports were integrated for diverse jurisdictions. 𝐓𝐞𝐜𝐡𝐧𝐢𝐜𝐚𝐥 𝐌𝐚𝐫𝐯𝐞𝐥: The technological backbone was robust! Middleware architecture powered by IBM ODM orchestrated the front end, utilizing AngularJS and a potent mix of JavaScript, NodeJS, Ajax, HTML, JSON, CSS, and XML. A Spring Boot middleware communicated between the front-end and back-end databases, orchestrating business logic, ODM flows, and RESTful APIs. 𝑹𝒆𝒔𝒖𝒍𝒕𝒔 𝒕𝒉𝒂𝒕 𝑴𝒂𝒕𝒕𝒆𝒓: 𝘌𝘧𝘧𝘪𝘤𝘪𝘦𝘯𝘤𝘺 𝘉𝘰𝘰𝘴𝘵 𝘚𝘸𝘪𝘧𝘵 𝘗𝘳𝘰𝘤𝘦𝘴𝘴𝘪𝘯𝘨 𝘋𝘢𝘵𝘢 𝘗𝘳𝘦𝘤𝘪𝘴𝘪𝘰𝘯 𝘊𝘰𝘴𝘵-𝘌𝘧𝘧𝘪𝘤𝘪𝘦𝘯𝘤𝘺 𝘌𝘯𝘩𝘢𝘯𝘤𝘦𝘥 𝘊𝘰𝘮𝘱𝘭𝘪𝘢𝘯𝘤𝘦 𝐈𝐧𝐧𝐨𝐯𝐚𝐭𝐢𝐧𝐠 𝐟𝐨𝐫 𝐈𝐦𝐩𝐚𝐜𝐭: Our technical solution, in tandem with the commitment of the investment bank, reshaped critical operations and compliance paradigms. KYCView and KYCView 2.0 ushered in a new era of precision, efficiency, and regulatory alignment. Kudos to our dedicated team and the visionary bank for this transformative success! To learn more: https://lnkd.in/dJRV5ap6 #ComplianceExcellence #InnovationInBanking #AMLCompliance #SuccessStory #CollaborationTriumph

Pega CLM and KYC Release Update This badge represents knowledge of the latest features on CLM KYC, including new event driven architecture, Encompass integration, enhanced KYC quality check feature, changes with UK AML post-Brexit.

Ready to take your GUI and UAT testing to the next level? Look no further than #PowerAutomate! In this example scenario using it to automate testing functionality on Microsoft Calculator, and the results are impressive. Before testing even begins, our pretest section runs a series of actions to ensure all variables are initialized and a temporary test results CSV report file is created. And with the 'Block input' action, mouse and keyboard input won't interrupt the flow. Say goodbye to unreliable testing and hello to automated UAT testing on steroids! #InvestmentBanking #ProcessAutomation #PowerApps #ResearchAnalyst #ResearchOps #Banking #HedgeFunds #usbank #barclays #hsbc #goldmansachs #morganstanley #ubs

An outage that cost $80 million in fines. And the culprit was? A legacy system. But there’s more to it. The real issue came from insufficient change controls. Let's go through some key moments of the story. This is about the Swedbank outage.  A major outage hit in April 2022.  Caused by unapproved changes in their IT systems. This disrupted nearly 1 million customers — leaving them unable to make any transactions. Now, let’s see what technically went wrong. Swedbank made a manual change to its legacy COBOL mainframe transaction system to follow EU sanctions. Yet, they didn't follow their change management process. This caused routine payments to be flagged incorrectly, leading to widespread transaction failures and account errors. The outage delayed batch payments for ledgers, duplicated cash deposits, and overwhelmed service channels. The situation worsened as: - Support was overwhelmed with calls and messages, - 2.1 million Bank Giro payments were delayed, - and account balance errors occurred. Days passed before the team could identify the issue. The primary reason? System complexity. Resulting in a $85 million fine from regulators. However, this outage revealed critical IT engineering process failures: - Prioritizing approvals over close monitoring and gradual changes increased the risk. - Traditional change control processes are ineffective in a fast-paced environment. - Insufficient modern DevSecOps practices to balance speed and security. This can happen to any legacy system. To avoid such costly outages, the following measures can be implemented: - Automating change controls where possible - Implementing progressive delivery techniques - Leveraging infrastructure as code and policy as code - Building approvals into CI/CD pipelines - Investing in observability and automated rollback - Focusing on trunk-based development - Addressing technical debt in legacy systems At AWS re:Invent 2023, Amazon's CTO, Werner Vogels, famously said, "Everything fails all the time." This serves as a reminder of systems' inherent unpredictability and the need to design with failure in mind. So be quick to detect and fix the problem. Found this useful? Follow Simform for more such digital engineering insights. #swedbank #legacysystem #Systemcomplexity #chaosengineering #productengineering #simform

YES!! But it’s not a developers job to design UI/UX. That is a sub specialty of the software development industry. I wouldn’t be surprised if there wasn’t a UI/UX designer on staff for a desktop app meant to be used by employees. From my experience, there is little to no regard for useability of tools meant to be used by employees because they are not being treated as “users who can churn” and rather “users who have no choice”. Regardless of the product you are building, regardless of the intended user personae, please built it correctly, design it using data gathered from actual users! Have product managers who talk to actual users and not just to a “steering committee” which is very much a thing in the corporate world. Do you want to develop products like the startup world does and are envious that you can’t? Call RedCorner and we will have an FCTO inject that much needed way of thinking, processes and creative energy for you.

Messaging is a powerful concept but as a performance engineer 📊 we should keep a few ground rules such as timeout configuration in consideration. Network latency, system failures, or bottlenecks can disrupt message delivery. In one of our projects we integrated Dynatrace to troubleshoot 🚦 performance challenges in the Temenos Connect Internet Banking platform TCIB. We've identified connection errors and fixed JMS-related issues by adding a reconnect-attempt parameter to the JMS queue definition. Read our blog post to learn more about optimizing messaging layers. Happy Performance Engineering 😊 #TCIB #messaging #optimization #observability #performanceengineering https://lnkd.in/eAqhXXbw

During my career in Banking & Capital Markets (BCM), I have seen the two extreme approaches of building a core banking system. Usually, a core banking system covers a wide range of retail and corporate banking businesses, so its size tends to be extraordinarily big.   A considerable while back, upon graduating from college, I happened to start my career in the bank. As a new joiner, I took the tour in which I saw the amazing IBM mainframe computer that looked like Cray. It was a place not for Unix and a relational database, but for the mainframe OS and a hierarchical database.   As the technology world has shifted toward Unix and a relational database, it has been inevitable for a bank to change its system architecture. I have seen the two extreme approaches so far.   The one is to change everything like big-bang and build one monolithic system, so a bank can adopt the latest technology. Korean banks usually take this big-bang approach. Every 10 years or more, they launch so-called a next generation core banking system project that may take 2 or 3 years to complete.   In this approach, the banks change the entire IT infrastructure (hardware, networks, OS, and DBMS) and build in-house developed applications. It is common to see the message that a core banking system is unavailable during the long holiday such as Lunar New Year and Chuseog, because a bank may prepare go-live like database migration.   The other is to keep the old technology blended with some new technology. The core banking system is still based on the IBM mainframe machines, but its applications are based on IBM DB2 with COBOL. I guess at least these banks managed to migrate from a hierarchical DB to a relational DB. Some western banks adopt this approach, maximizing the utilization of the old and new technology.   The middle ground of these two extremes may be using a vendor solution like temenos. In a business environment where there are insufficient software engineers who can develop one gigantic, monolithic system from scratch, the vendor solution is a viable option. Have you encountered any other innovative solutions for building a core banking system? Share your thoughts in the comments below. #bankingtechnology #corebankingsystem #vendorssolutions #innovation

Optimizing your onboarding is hard for anyone and even harder for fintechs that need to collect additional info to satisfy KYC requirements. We don’t view Footprint as just a KYC tool, or a security company. We are an onboarding company. We offer our clients fully customizable onboarding solutions so they can continue to focus on what differentiates their platform, without wasting developer resources A/B testing different flows. Let us handle onboarding, you focus on what makes your product special. 

The next evolution of the Onfido AppExchange Connector is here. The AppExchange Connector provides businesses and Salesforce administrators an integrated solution to help businesses meet their identity verification needs as well as navigate KYC and AML requirements. Learn more about the updates here.