JMR Infotech, a worldwide supplier of banking technology and digital transformation services, has completed a compliance platform upgrade for Ethiopian lender Abay Bank.
According to Finextrathe project embeds financial crime screening directly into the bank’s core banking processes, so risk is assessed before a customer relationship begins.
The project moved Abay Bank’s Oracle Financial Services Analytical Applications (OFSAA) Financial Crime and Compliance Management platform from version 8.0.8 to 8.1.2.10 and connected it with Oracle FLEXCUBE Core Banking.
Customer screening, Know Your Customer (KYC) checks and transaction filtering now sit inside the bank’s everyday banking workflows. As a result, prospective clients can be screened before they are onboarded, giving the bank stronger due diligence from the first point of contact.
The deployment spans a broad set of OFSAA tools, covering anti-money laundering, KYC, customer screening, transaction filtering and case management. Together, these support due diligence, transaction controls, data quality and compliance analytics throughout the organisation.
Scale is a central factor. Abay Bank serves upwards of 5.5 million customers across more than 1,000 branches and handles over 200,000 transactions each day, so its compliance tools must perform dependably under heavy volumes. The new platform helps compliance staff work through alerts and handle cases without interrupting essential processes.
As part of the transition, JMR Infotech transferred the bank’s existing business and transaction records, alerts, KYC assessments and compliance cases onto the new system, keeping investigation histories intact. The firm also improved batch automation and data extraction, raising processing efficiency and supporting anti-money laundering work. JMR Infotech said the engagement shows its capability in financial crime compliance and in running complex upgrades without disrupting business operations.
JMR Infotech provides banking technology and digital transformation solutions to financial institutions globally.
Abay Bank chief information officer Elias Berhanu said, “Financial crime compliance has to keep pace with the scale and speed of our business. The upgraded platform and its integration with FLEXCUBE strengthen our ability to screen customers before onboarding and apply transaction controls across our network. JMR Infotech demonstrated a clear focus on continuity throughout the upgrade, enabling our compliance teams to continue their work without disruption.”
JMR Infotech president and head of enterprise risk and analytics Suresha Iyer said, “Banks today need compliance platforms that screen customers and transactions in real time, without putting day-to-day operations at risk. Our team brought Abay Bank to OFSAA 8.1.2.10 and embedded screening directly into its core banking workflows. We are proud to support Abay Bank with a stronger foundation for financial crime compliance and continue to work with the bank following go-live.”
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Source: fintech.global
