Financial Crime World

Fintech Fights Financial Crime in Guinea: EY and Partners Bring Innovative Solutions

A New Era in Financial Crime Prevention

In a bid to combat financial crime, a major bank in Guinea has joined forces with global consulting firm EY, Microsoft, and Pega to develop an innovative platform that leverages fintech and digital technologies. The collaborative effort aims to streamline the bank’s Know Your Customer (KYC) process and reduce the risk of financial crimes.

The Power of Collaboration

The EY Global Financial Crime platform is the result of over two years’ work with Microsoft and Pega. It combines the power of EY’s KYC solution, built on Microsoft Azure, with Pega’s platform to transform large-volume KYC operations.

Key Features:

  • Reduces manual input
  • Increases data quality
  • Optimizes processes
  • Helps offset financial crime

Unlocking Potential

“Microsoft Azure enables us to provide a solution that helps this bank process vast amounts of data faster and more accurately,” says Patrick Craig, EY’s EMEIA Financial Crime Technology Lead. “This frees up analysts to identify potential financial crime threats.”

The Future of Banking

The platform is an innovative, powerful, and scalable tool for banking, with the potential to redefine the sector’s approach to fighting financial crime.

How it Works:

  1. Hackathon: EY orchestrated a hackathon to explore new approaches to KYC.
  2. Strategic Architecture Reviews: The firm performed strategic architecture reviews with Microsoft to automate as much of the end-to-end process as possible.
  3. DevOps and Serverless Computing: EY combined these learnings with insights from Microsoft on product builds, leveraging DevOps and serverless computing, to create a scalable and secure platform.

A Scalable Solution

The EY KYC solution is a key component of the platform, automatically collating internal, external, and trusted customer data into a single view for analysts to review and identify potential financial crime risks. The Pega-powered case management and workflow tool handles the entire customer onboarding process, including data collection, identification, verification, screening, and disposition.

Customized Deployment Architecture

The platform also supports customized deployment architecture, based on a microservices design approach, which provides flexible, rapid deployment, and simple integration with incumbent enterprise solutions. Through its strategic relationship with Pega, EY was able to quickly design and deploy a customer outreach portal based on Pega’s offering.

A Secure and Resilient Solution

The resulting platform can rapidly scale to meet client demand while providing country-specific resilient hosting quickly and securely. This reduces risk exposure and protects reputation.

Revolutionizing Financial Crime Prevention

The EY Global Financial Crime platform has the potential to revolutionize the way banks approach financial crime prevention, and its industry-wide implications are significant. By leveraging fintech and digital technologies, the platform offers a powerful tool for banks to combat financial crime and protect their customers and reputation.