A prominent regional community bank in the US, offering a wide range of financial services to consumers and businesses.
- The bank was looking for a data validation tool that could match the transactional data inputs with the data output generated by its 3rd party tool. The need was for a simple and integrated automated tool that could reduce the complexity of matching the transactions generated in the bank on a day-to-day basis.
- Ineffective fraud detection due to challenges in validating input transactions against the tool output
- No system to determine missing transactions in the existing tool’s final output
- Complicated and inefficient process with low accuracy
- No auditable database, leading to regulatory risks
Anaptyss developed an advanced version of the tool that generated a unique key code based on a one-to-many matching protocol. The improved data validation tool created separate input files to display validation results and compiled the output in a worksheet.
Key solution delivered:
- Integrated automated tool to simplify the matching of transactions.
- A system to look up unique key codes (transaction IDs) in the consolidated output
- Fraud detection feature with a binary output
- The bank could identify 48% more data inefficiencies
- Ability to perform root cause analysis
- 3-step automated process with 10 minutes validation time per dataset