When a global financial firm needed to upgrade systems and ensure their Anti-Money Laundering (AML) technology would be deployed in key regions, they relied on Quinnox.
Challenge: Testing critical to global AML application rollout
This global financial services institution was upgrading their legacy systems to a core banking solution for their entities in emerging market regions, which included India, Pakistan, UAE, Egypt, Uganda and Indonesia. This upgrade also encompassed several countries in Africa, as well as in the Middle East and Indian Ocean regions. Some of the applications being upgraded included Flexcube, Kondor+, TransactSM and Debt Manager. This legacy upgrade was the first part of the engagement, which lasted 18 months.
The second portion of the engagement was implementation of an Anti-Money Laundering (AML) solution across various global retail and corporate banking businesses, including correspondent banking businesses. This AML solution was required to help meet compliance mandates imposed by governments under the AML Act to track and report suspicious transactions. The work lasted approximately ten months.
In order to meet these challenges, an AML knowledgeable team was needed to provide Application Testing services covering System Integration Testing (SIT) and User Acceptance Testing (UAT) from a secure offshore dedicated center (ODC). Testing also needed to be performed for concurrent implementation of AML solutions for multiple countries, which included the UK, US, and some European and Middle East countries. As importantly, the pace of adoption and transition had to match aggressive timeline objectives that spanned 18 months, which were defined by the bank.
Quinnox Application Testing executed in two phases
This first phase encompassed the legacy application upgrade. It consisted of identification and documentation of workarounds to overcome inadequate functionality of the application and interfaces. Other components of the SIT phase included:
- Preparing a test strategy document, phase-wise test plans and executing test ware to ensure ontime delivery
- Maintaining country-specific differences in functionalities and applying them appropriately
- Coordinating testing of multiple applications and planning for their alignment (along with other vendor teams) to ensure appropriate test data for validation of business scenarios
- Using Quinnox coding standards for automation and tools, such as QTP for automation and Share Point/Quality
- Centre for knowledge management and incident management
This second phase included a review of incomplete business requirement documents, as well as regulatory reports and other implied requirements. Improvements to these mission-critical documents were provided, as well as assistance in rewriting them. This helped provide a more defined client-focused guidance to the engagement, and also ensured country-specific business logic unit (BLU) rules and workflows were addressed, as well as tested for system integration validation.
Other components of the UAT phase included:
- Test data manipulation for extract-transform-load (ETL) and DMU components in Fortent-complaint format
- Identification of more than 400 defects on Fortent, including manipulation of the data to successfully simulate test conditions
- Ensuring major BLU rules were hit during the first batch run (during the early phase of testing) Carrying out complete functional testing of Fortent – AML application on both retail and correspondent modules
- Ensuring successful generation of security blanket alerts as part of black box testing
Quinnox helps global banking giant ensure anti-money laundering success
With such a crucial deployment of AML applications, this leading bank relied on Quinnox for vital Application Testing for a vital legacy upgrade and an AML application. Some of the results of the legacy upgrade testing include:
- Over 30 applications tested and supported for rollout in nine countries
- Ramped up resources from 30 to 100 in nine months to support aggressive timelines
- Created a highly documented test ware and test repository of approximately 30,000 test cases Identified potential gaps in the business or products, with practical solutions or remedial measures before UAT provided
- Prevented multiple batch runs through efficient planning and meticulous data preparation, saving time and money
Some of the outcomes of Quinnox Application Testing on the AML application portion of the engagement include:
- A minimum of 25 percent of test cases were reused for every subsequent country rollout, reducing costs and helping to meet timelines
- Zero defects in Severity 1 or Severity 2 during production
- Identified more than 400 defects on Fortent
Overall, the Application Testing services provided by Quinnox helped this distinguished global financial services provider upgrade its legacy systems successfully, fulfill its global AML Act requirements and meet an aggressive timeline.
The Bottom Line Benefits
- Executed a needed upgrade of legacy system
- Reduced costs due to testing cases reused
- Aggressive timeline executed
- Full compliance with AML Act requirements
- Assurance of the bank’s continued excellent reputation