FraudIT - Payment Modernization Program powered by ignio
For a North American Financial Institution
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Schedule a DemoUncovering the business context
For banking operations, it is imperative to meet certain criterion that helps deliver the best service to end customers. To deliver this service, financial institutions need the latest and best IT infrastructure to support the vast banking eco-system. Additionally, the system must be robust and resilient to provide efficient service.
FraudIT - Where is My Payment?
The Challenge
The customer was using a very old, legacy system for its banking operations and the fraud detection engine. All real and non-real-time transactions flowed through this system, which detects any fraudulent anomalies in the transactions. Due to external factors such as government regulations, market competition, and so on, changes in the online payment systems triggered the need to revamp their IT infrastructure.
They upgraded to a modern platform that handled real-time streaming data quicker with more efficiency. Though the new system was more efficient, it also increased the complexity which ultimately resulted in introducing more potential points of failures due to increased volume. The customer could not afford unavailability of its banking and fraud monitoring system. They needed an AI-based solution to boost the resiliency of the platform and enable handling the growing transaction volumes.
Furthermore, the new platform consisted of transactions undergoing multiple hops before reaching the destination. Some transactions would be lost in the hops. The internal support team would spend several hours or in some cases days to detect the lost transaction and resolve the issue. The customer needed a solution to reduce the Mean Time to Detect (MTTD) and Mean Time to Resolve (MTTR) thus ensuring compliance to the agreed Service Level Agreement and Operational Level Agreement and in-turn avoid regulatory penalties, face customer dissatisfaction, and revenue loss.
The Solution
ignio™ created a business context of the complete Fraud IT engine from application to infrastructure. ignio was then able to monitor each transaction which flowed through the Fraud IT engine. ignio monitored over 10 million transactions daily. In case a transaction was lost in the hops, ignio immediately notified the customer’s support team to take the necessary action. Using ignio’s transaction log, the customer’s support team was able to take corrective measures to ensure the transaction was recorded in the transaction report and hence no SLA was missed. This eliminated the need for manual tracking of missing transactions, thus reducing the MTTD and MTTR substantially.
ignio further ran health checks on the Fraud IT engine of the bank for anomaly detection. In case an issue was diagnosed, ignio immediately triaged the issue and provided a Root Cause Analysis to the support team for a swift resolution and ensured high application availability.
Measurable Value Across Every Dimension
Proactive health checks ensured high application availability and reduction in manual efforts
Enhanced customers experience with seamless banking transactions and improved fraud detection
Increased the trust of the customers in the banking partner
Enhanced the application platform resiliency
