Client
A leading provider of market data and trading services
Goal
Support complex regulatory reporting with automated solution
Tools and technologies
Java, Spring Boot, Apache Camel, CXF, Drools BRE, Oracle, JBoss Fuse, Elasticsearch, Git, Bitbucket, Sonar, Maven
BUSINESS CHALLENGE
SOLUTION
OUTCOMES
- Generating additional revenue from extending the new reporting services to 17 firms.
- Beating the industry benchmark (~91%), achieving a higher transaction acceptance rate (~97%), and match reconciliation at the trade repository.
- Supporting a high throughput of 6 million transactions per hour which is scalable up to 10 million.
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Get in touchCloud transformation increases business agility
Standards & Membership
Global Standards organization increases business agility
Existing applications supporting the business were built on monolith architecture with high technical debt. Iris transformed over 15 years old monolith applications into microservices with automated integration and cloud deployment to deliver faster MVPs.
Client
A non-profit global organization responsible for developing and maintaining standards, including barcodes with over 115 local member organizations and over 2 million user companies
Business Drivers
To deliver MVPs in shorter cycles, reduce Mean Time for Ticket Resolution (MTTR), and lower the total cost of ownership
Tools and technologies
C#/.NET Core, Python/DJango, NodeJS/Express, Azure WAF, Azure APIM, App Services, Azure Kubernetes Service, Azure Monitor, Application Insights
BUSINESS CHALLENGE
SOLUTION
Azure cloud offered some of the foundational features like container orchestration, app engine, integration, API gateway, monitoring and others, making cloud-specific modernization a natural choice.
Modernization strategy involved reverse engineering of on-premise applications, domain-specific grouping the product backlogs by, adopting domain-driven design, and using open source cloud-friendly software with CI/CD pipeline. We transformed the applications to a .NET core framework using cloud-native design principles on Azure cloud. The solution was developed using Azure App Services, front door and service bus following the agile development approach with two-week sprints.
OUTCOMES
Iris helped the client realize multiple business benefits, including higher agility, resiliency and cost-efficient IT operations. Key outcomes of this cloud modernization engagement are:
- Reduction in Mean Time for Ticket Resolution (MTTR) by 30%
- Increase in application and infrastructure uptime to 99.9%
- Real-time visibility of application and infra metrics
- Enabled bi-weekly MVP delivery
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Get in touchAnti-money laundering software saves $1M
Client
A top 5 global bank
Goal
Create a unified platform for anti-money laundering functions, analytics, and compliance implementations
Tools and technologies
Angular 5, Java, Open Shift, and DevOps
BUSINESS CHALLENGE
The client expanded its fraud and anti-money laundering (AML) monitoring functions, involving multiple lines of business and 15,000 employees. The scaled system led to the lack of standardization of frameworks and resultant adoption of disjointed, manual-intensive, and high-cost AML technology. The ongoing disconnect hindered the efforts of automating, consolidating; and implementing AML functions, enterprise analytics, and regulatory compliance efficiently throughout the organization.
SOLUTION
Iris optimized existing operations and technology investments by developing and implementing a unified point of access for the discrete AML functions, featuring micro-front-end architecture. Engineered to be horizontally scalable through containerization with common authentication and authorization gateways, the single user interface (UI) allows onboarding and control of multiple extended AML functions, including visualization of metrics.
OUTCOMES
- Hassle-free transition from multiple to a single UI
- Unified, streamlined user experiences with more effective sessions
- Creation of standardized deployment procedures for AML rules and applications
- Saving of nearly $1M on infrastructure costs
- Reduced infrastructure maintenance time
- Frictionless migration of applications to the cloud
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Get in touchReporting transformation with data science and AI
Client
One of the world's leading bank
Goal
Improve efficiency in disclosure and reporting
Tools and technologies
Python – SciPy, Pytesseract, NumPy, Statistics
BUSINESS CHALLENGE
The client relies upon a centralized operations team to produce monthly NAV (Net Asset Value) and other financial reports for its international hedge funds— from data contained in 2,300 separate monthly investment fund performance reports. With batch receipts of rarely consistent file formats – PDF, Excel, emails, and images— the process to read each report, capture key info, and, create and distribute new metrics using the bank’s traditional tools and systems was highly manual, time-consuming, error-prone, and costly.
SOLUTION
Iris developed a Data Science solution that rapidly and accurately extracts tabular data from thousands of variable file documents. Using a statistical, AI-based algorithm featuring unsupervised learning, it auto-detects, construes, and resolves issues for every data point, configuration, and value. Complex inputs are calculated, consolidated, and mapped as per predefined templates and downstream business needs, efficiently generating numerous, distinct, and required period-end financial disclosures.
OUTCOMES
- 90 - 95% reduction in operational efforts
- 99% accuracy in processing variable inputs
- Zero rework effort and cost
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Get in touchPowering shop floor efficiency with data analytics
Client
A leading diesel engine manufacturer
Goal
Reduce bottlenecks on the production line that arise from last-minute changes to orders and ensure compliance with build instructions
Tools and technologies
Windows, SQL Server, C#, .NET, ESB, HTML5, Angular, GitHub, JIRA, Visual Studio, and WebStrom
BUSINESS CHALLENGE
A diesel engine manufacturer based in Detroit faced frequent production delays. The cause of the inefficiency was its build book system. The manufacturer used a printed build book to communicate the specifications of the engine being built to the production floor. But, often after the book was sent to the shop floor, the manufacturer had to make changes to specifications. In such cases, those working on the production line would not be able to use the printed build book. Waiting for a reprinted book would halt production. As a result, the changes were usually communicated outside the manual and assumed to be followed. If the new specifications weren’t followed, they would be discovered only in quality assurance, leading to a loss of time and dollars.
SOLUTION
The client wanted a solution to resolve bottlenecks created by the printed build book and ensure compliance with build instructions. Ideally, the build book is dynamically pushed onto a handheld device assigned to the shop floor. The system would allow managers to update the specifications in the build book on the fly and alert the production team to the changes.
The device would also communicate the status of production to managers. For example, they would know which work center is working on an engine so that relevant pages of the build book could be updated and displayed to those work centers.
Iris custom-built an application that allowed real-time updates of the build book. It was designed to push the build book to work center operators on V10 devices (RFID transponders) with screen sizes ranging from 3 inches to 10 inches. The solution included a consolidated dashboard that provided the management near real-time visibility of work centers and the status of the engine production.
OUTCOMES
During Phase 1 of the project, we deployed 250 V10 devices. After a pilot run of four weeks, the client stopped printing build books; the handheld devices with our application were a superior alternative. The solution helped eliminate printing costs and allowed the manufacturer to accommodate last-minute changes in specifications without disrupting production.
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Get in touchPandemic pivot from physical to online tests
Client
A leading U.S.-based educational testing and assessment services company
Goal
Switch from in-person to online testing
Tools and technologies
AWS Serverless, Dynamo DB, Node.js, Typescript, Java, Jenkins, and Angular
BUSINESS CHALLENGE
Our client, which provides educational testing and assessment services, faced an existential threat with the pandemic-era lockdowns and social distancing
requirements. The testing centers it operated at physical locations were unable to open, leaving thousands of students worldwide in a state of uncertainty.
Our client had to switch from in-person testing centers to a digital-first or online
testing solution almost overnight. To achieve that, it had to migrate rapidly from legacy systems to the cloud. It also needed to ensure the sanctity and accuracy of its tests while delivering a seamless digital experience to its customers. Other challenges included the ability to dynamically scale up or scale down capacity in response to demand, maintain acceptable service levels, and enable thousands of
expert test raters’ to access and evaluate tests.
SOLUTION
Iris Software stepped in to facilitate a strategic digital pivot in the business model to secure the company’s future. Modernization efforts that were underway at the company even before the pandemic were accelerated as a digital upgrade became imperative. We shifted the data stored on legacy infrastructure was to the cloud. Our team developed a new testing interface that would work overnight across devices, geographies, and different internet connections. Switching the testing operations to the cloud with scalable capacity could help manage the surge in the number of users for the tests Iris also deployed automation and AI tools to deliver superior experiences for test raters. Those who faced challenges while attempting to grade tests were provided with an always-on AI-based solution to automate the troubleshooting and ticketing process.
OUTCOMES
The client now has scalable, digital-first testing capabilities to meet all its testing requirements.
- Cloud-based testing ensures that students, evaluators, and employees have access on-demand.
- The remote testing options are accurate, secure and safe from external threats.
- A strong focus on automation and user experience has allowed for optimized online offerings.
- Surges in demand for tests can be met rapidly and at scale with minimal intervention.
- Thanks to the always-on cloud offerings, service levels are easily maintained.
- The successful digital pivot has led to strong interest in a hybrid operating model to safeguard the business from threats in the future.
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Get in touchHow to transform your risk reporting mechanisms
Client
The client was a brokerage firm with a strong presence in the capital markets.
Goal
Improve risk reporting and calculations.
Tools and technologies
Dot Net, C#, Greenplum, JUX Proprietary Framework and HTML5.
BUSINESS CHALLENGE
SOLUTION
OUTCOMES
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Get in touchThe power of in-sprint automation
Client
A leading securities trading firm.
Goal
Build a cloud-based automation framework to test client’s trading platform.
Tools and technologies
C#, Ranorex, TestRail, Simulators and Selenium.
BUSINESS CHALLENGE
SOLUTION
OUTCOMES
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Get in touchData consolidation speeds up drug search
Client
A U.S.-based pharmaceutical multinational corporation.
Goal
Reduce turnaround time for APRs (Approval for Product Release).
Tools and technologies
Amazon’s AWS OPCx, Webmethods, natural language processing (NLP), neural networks, and Python programming
BUSINESS CHALLENGE
In pharmaceutical R&D, data is generated from several sources: the process, patients, retailers, and caregivers, among others. Pharmaceutical R&D organizations that use the traditional way of creating APRs manually consolidate paper specifications into binders across all R&D functions.
Specific regional rules, compliance mandates, and external regulations were slowing down the client’s workflow.
The many spreadsheets in multiple formats were leading to errors from manual entry and duplication of data — the inevitable “swivel effect” that results from data being pulled out from disparate, unconnected software packages.
Iris was approached to improve the process of collecting and using data from multiple sources; the improvement would help the client identify and develop new potential drug candidates faster.
SOLUTION
Iris’s team of 12 specialists designed, developed, tested, and deployed a cloud-based application that integrates data from multiple regions and eight different systems into a single, unified interface for the client’s users. Our application unified the creation and management of the client’s workflows across its lines of business and 20 different product families.
The development environment included Amazon’s AWS OPCx; Webmethods; natural language processing (NLP); neural networks; and Python programming.
OUTCOMES
Within a year of the application’s release, 2,800 users were using the application, with 55% of APRs turning around in 10 calendar weeks or less. Thanks to the in-memory data grid, the response time of transactions across the board has been brought down to nearly 2 seconds.
The cloud-based application developed by Iris ensures that data is automatically and seamlessly shared between systems that were previously stand-alone and required the tedious manual entry of data.
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Get in touchCloud-native app opens new markets
Client
The world’s leading provider of trading services for fixed income products
Goal
Create an IT architecture to support growth across markets and products
Tools and technologies
AWS Cloud, Java, Springboot, React JS, React, Redis, Kafka, C#, Ranorex and Test Rails
BUSINESS CHALLENGE
The client, a market leader in bonds trading, was expanding to new markets, acquiring new businesses, introducing new products and adding features to existing offerings. To support its growth plans, it needed an agile, modern, cloud-based platform.
Some of the business needs the client wanted to address with the new solution were:
- How do we achieve scale with minimal latency in operations and service?
- How do we integrate new businesses seamlessly and without disruption?
- How do we roll out new features faster to improve customer experience and get a competitive edge?
- How can we use data to help customers make better trading decisions?
- How can we monetize the data?
As a solution partner, we had to not only create a new IT architecture for the client’s trading platform but also constantly re-engineer and improve the architecture to quickly meet emerging business needs.
SOLUTION
We deployed a scalable, highly available auctions solution on the AWS cloud using Java, Springboot, React JS, React, Redis, and Kafka.
Optimized algorithms now achieve best matching with minimal latency while offering full price transparency. Artificial intelligence (AI) and machine learning (ML) provide greater insight and real-time price discovery for specific asset classes.The new cloud-based architecture enabled the client to create products and monetize market data. Those products helped customers get accurate data in real-time to take better and faster trading decisions.
Test automation across the trade lifecycle using a combination of C#, Ranorex, Test Rails helped the client update user interfaces (UI) without reducing performance. It also eased integration linkages between the acquired solution’s frontend and the client’s existing backend.
OUTCOMES
The introduction of Agile methodology and the cloud-native application has helped the client significantly speed up time-to-market for new releases – it is now able to make releases several times a year.
The new IT architecture now allows the client to offer trading in Muni bonds (an acquired product) and U.S. treasuries (a new service). The solution also enables the client to support Chinese markets.
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