IDBI Intech’s i-Recon and i-AML services to be available on Yotta’s Cloud on pay-as-you-use model
IDBI Intech and Yotta have joined hands to offer IDBI Intech’s i-Reconciliation (i-Recon) and i-Anti-Money Laundering (i-AML) applications under ‘Compliance as-a-Service’ umbrella. These services will address the growing challenges of regulatory compliance as mandated by RBI while keeping the operational complexities and costs low for the banks, insurance companies and NBFCs. These services will be available on Yotta Enterprise Cloud, which is highly scalable, secure, and hosted at Yotta NM1 – Asia’s largest and world’s second largest Tier IV data center certified by Uptime Institute, USA.
With digitalisation and an increase in the number of transactions, be it online, via card, or ATMs, consumer protection has become essential and critical. This has led to a rise in the number of regulatory compliances for the banks and the need to meet them most efficiently. With evolving regulatory changes, the BFSI sector needs to address various operational complexities in a time-bound and cost-effective manner. Compliance-as-a-Service model helps banks to be more agile in responding to evolving regulatory expectations in a cost-effective manner.
i-Recon application developed by IDBI Intech is PA DSS certified and powered by Yotta Enterprise Cloud. It offers an integrated reconciliation platform addressing the challenges of scalability, transaction volume, speed, and accuracy with an automated and integrated approach as required by banks and insurance companies. It provides a full audit-trail sign off process and eliminates the bottleneck of manual process using spreadsheets. The application harnesses Artificial Intelligence (AI) and Machine Learning (ML) to meet the reconciliation of daily transactions from various homogeneous and heterogeneous systems. This product also features network-wise data segregation for dispute management and reversal of charges, offline and real-time data ingestion capability through API/DBLINK and SFTP. Also, it provides real-time analytics that helps banks in the optimisation of their ATM network.
Similarly, i-AML, another flagship product by IDBI Intech and powered by Yotta Enterprise Cloud, helps BFSI companies to identify and combat various money laundering risks. Transactional crimes and fraudulent trading activities are on the rise across geographies. This makes AML compliance even more critical in today’s age. The anti-money laundering application by IDBI Intech is a state-of-the-art solution that comes with unique features to effectively identify money laundering attempts, report suspicious transactions and entities to regulatory authorities, and take preventive action or block the transactions as per organisational needs. Separate versions of i-AML are available for banks, insurance companies, payment banks and NBFCs. This solution is extremely accessible, scalable, and compatible with most of the banks’ core databases.
Surajit Roy, MD & CEO, IDBI Intech, said, “We are pleased to partner with Yotta and offer our solutions on Yotta Enterprise Cloud. Both these fintech solutions are proven in marketplace by leading banks and insurance companies. With this partnership, I strongly believe that the solutions would become more accessible to a wider array of Banks, insurance companies, and a whole array of entities in the BFSI sector. It delivers the same values, features, security, and scalability which banks demand, but without the additional costs, delays, and complexities which normally come along while deploying these solutions on-premises. We will continue to offer more fintech solutions under Banking Compliance-as-a-Service portfolio on Yotta Enterprise Cloud.”
Sunil Gupta, Co-founder, and CEO – Yotta Infrastructure, said, ‘While great innovative technology solutions are available for solving the requirements of BFSI industry, most of the time, delivery of these solutions involve an array of SI partners, on a conventional “build-your-own” models leading the customer into a quagmire of huge costs, time overruns, and complexities. With ‘Everything-as-a-Service’ model, Yotta is making these innovative solutions across industries available on the cloud via an on-demand consumption model while ensuring stringent cybersecurity, physical security, and 100% availability. Considering the unique demands of individual banks, Yotta also offers these services on private and hybrid cloud environments. IDBI Intech, a leader and expert in the financial services technology marketplace, has developed these solutions considering the real-life scenarios and regulatory needs for BFSI sector, and we are pleased to partner with them to offer these solutions on our enterprise cloud and managed IT services.”