Switzerland-based Entris Banking (ENTB) has selected the Quartz for Compliance solution from Indian-based IT firm Tata Consultancy Services (TCS) to mitigate fraud and compliance risks.
The TCS solution is an artificial intelligence (AI)-powered anti-money laundering (AML)/ know your customer (KYC) and financial crime detection solution.
By deploying Quartz for Compliance solution, the Swiss bank aims to proactively identify and reduce fraud and compliance risks.
Entris Banking also intends to bolster its transaction monitoring and sanction screening capabilities through its digital transformation initiative with TCS.
Entris Banking CEO Pascal Baumgartner said: “We selected and implemented Quartz for Compliance because of its advanced capabilities as well as the depth and breadth of functionality in the compliance space.
“It has significantly enhanced the operational efficiency & accuracy through a single umbrella solution for real-time screening, transaction surveillance and alerting, comprehensive workflow and case management, KYC-related due diligence and advanced risk assessments spanning multiple lines of business and transaction categories.”
Besides, Quartz for Compliance will help the bank in managing fraud and compliance risks, enforcing anti-money laundering and counter terrorism financing regulations.
It will also support Entris Banking to adhere to Financial Action Task Force (FATF) 40+9 recommendations and international directives from Financial Crimes Enforcement Network, the European Union, and State Secretariat for Economic Affairs.
Furthermore, the solution helps the bank meet key workstreams for payment screening, anti-money laundering detection and sanction capabilities.
Quartz for Compliance has also allowed Entris Banking to enhance operational accuracy using AI, machine learning, natural language processing and parameterisation across various business scenarios.
According to TCS, the solution is being utilised by a larger ecosystem of over 40 affiliate banks of Entris Banking.
TCS BFSI products and platforms president R Vivekanand said: “Quartz for Compliance represents a revolutionary leap in transaction monitoring and sanction screening capabilities by harnessing the power of AI/ML/NLP (free text) and the potential to leverage blockchain for handling KYC.
“We are excited that Entris Banking has embraced our vision for the future of compliance. Our SaaS solution helped the bank to implement more rigorous and effective controls against money laundering, and gain deeper insights on client portfolios, whilst safeguarding against financial and compliance risks.”