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.
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.
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:
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:
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:
Some of the outcomes of Quinnox Application Testing on the AML application portion of the engagement include:
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.