Platform re-engineering for operational efficiency

Platform re-engineering for operational efficiency

Banking & Financial

Re-engineering data extraction platform for increased efficiency

A legacy data extraction platform was limiting business efficiency and transaction processing capabilities. Iris system modernization and platform re-engineering platform services advanced the operational efficiency manifold.

Client

One of the top 20 brokerage banks in North America

Goal

Modernize an existing, licensed data platform to meet the increasing volume of transactions and product offerings

Tools and technologies

Python, Core Java, Oracle, ETL Framework, Apache Zookeeper, Anaconda, Maven, Bamboo, Sonar, Bitbucket

BUSINESS CHALLENGE

The client had a licensed data platform for enterprise-wide risk and compliance operations. Spiked volumes with various financial product offerings and trades were restricting the processes and limiting the analytical capabilities on the existing platform. The system upgrade was required to support related, complex credit risk calculations. These calculations serve as a ground for several thousand bankers/ traders to make loan and investment decisions for customers. System modernization would also cater to the internal transaction and regulatory reporting requirements.

SOLUTION

Iris system re-engineering experts designed and implemented a scalable and highly configurable data extraction platform having global data architecture. This ETL framework-based platform enables faster, more efficient onboarding, consolidation, and processing of the numerous variable product and trading data input sources. The re-engineered platform was enabled with value-adds and tools to automate, tabulate, compare, reserve, validate and test data. We integrated the data extraction platform seamlessly with downstream risk applications and system adaptability to accommodate operational/business needs.

OUTCOMES

Our data platform re-engineering solution enabled the client to achieve enormous benefits, including user experience, data quality, and risk management capabilities. Key outcomes of the solution constitute:
  • Quicker, real-time configuration and execution of 500+ jobs for loading trade feed
  • Zeroed downtime, even during the trade reference data changes
  • 15% faster onboarding of the new feed or data source
  • Nearly 20% faster throughput for various critical feeds with parallel processing feature
  • Reduced anomalies and duplication with improved consistency
  • 35-40% savings in annual third-party platform/ module license fees.
  • Standardized and streamlined onboarding processes and turnaround time, scaling the operations efficiencies

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SFTR solution strengthened market leadership

SFTR solution strengthened market leadership

Risk & Compliance

Securities Financing Transactions Regulation (SFTR) compliance made easy

A global trading company solidifies its EU market leadership with regulatory solution and supporting to a throughput of 6 million transactions per hour

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

The client offers an automated, integrated solution to its clients in the European Union (EU) for complying with the Securities Financing Transactions Regulation (SFTR). Effective in recent years, SFTR requires timely and detailed reporting based on multitudes of data, systems, collateral, and lifecycle events. The voluminous data is captured from hundreds of millions of daily transactions made to multiple trade repositories registered by the European Securities and Markets Authorities (ESMA). Non-compliance at any stage is risky, potentially very costly, for all trade counterparties, i.e., broker-dealers, banks, asset managers, institutional investors.

SOLUTION

Experienced in diverse technologies, big data, and capital markets, team Iris developed a streamlined, end-to-end data reporting platform with complex trade matching and monitoring systems. Improving speed, accuracy, and flexibility, the new architecture supports high trade concurrency and acceptance rates with parallel processing of millions of transactions. The delivered solution also enabled optimal load balancing and matched the reconciliation at the trade repository. Built with microservices to accommodate future scalability, standardization, data quality, and security requirements, the system implemented functional enhancements. A Unique Transaction Identifier (UTI) subsystem was also developed for sharing and matching counterparty transactions, enabling plug-and-play setup for new repositories, and supporting any changes in outbound or inbound data report formats required by ESMA or clients. Improved dashboards and search pages helped the end-users in better configuration and tracking of their transactions.

OUTCOMES

The nimble delivery and successful roll-out of the new SFTR platform delivered the desired strategic competitive advantage to the client for maintaining its EU market leader position. The consolidated solution also helped in:
  • 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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Reporting transformation with data science and AI

Reporting transformation with data science and AI

Banking

Data science and AI transform disclosure and reporting

A multinational bank leveraged data automation to achieve major gains in reporting efficiency, with 99% accuracy in processing variable inputs, for its global investment fund.

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

The high solution accuracy helped the client’s global NAV reporting team significantly improve precision, efficiency, quality, turnaround time, and flexibility. The delivered solution contributed to:
  • 90 - 95% reduction in operational efforts
  • 99% accuracy in processing variable inputs
  • Zero rework effort and cost
Our highly customizable and scalable solution can be seamlessly integrated with existing reporting applications and MS Outlook while accommodating additional volumes, report types, and business units.

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Data consolidation speeds up drug search

Data consolidation speeds up drug search

Cloud

Data consolidation speeds up drug search

An automated cloud-based consolidation application for R&D data helped a pharmaceutical company improve turnaround time to create Approval for Product Release (APR) documents.

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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A playbook for banks on managing M&A integration

A playbook for banks on managing M&A integration

Banking

A playbook for banks on M&A integration

Efficient management of the complexities of disparate systems and data after an acquisition saves time and money.

Client

Banks that have merged or acquired new businesses.

Goal

Manage migration and integration complexity post M&A.

Tools and technologies

The Iris business acquisition playbook for banks.

BUSINESS CHALLENGE

In a low-interest rate regime, achieving scale is the only way for banks to stay profitable. The top 25 banks are growing at a rate faster than rest of the pack. The search for profitability from scale is predicated upon their ability to ensure that operational costs do not grow linearly with business. A significant part of this growth will come inorganically. Apart from M&As, brownfield expansion comes with banks selling off their books of business for reasons ranging from realigned strategic priorities to the more mundane need of raising cash. Any IT costs in absorbing the new book of work will negate the advantages of size.

Solution

Iris has been working with banking clients to create a business acquisition playbook outlining steps to insource with a migration and integration strategy. We have enabled clients to deal with post-merger integrations and create a single source of truth for transactional data and positions. The Iris team delivered solutions specifically tailored for applications in the loan origination and servicing space. We have helped our banking clients:
  • Consolidate multiple acquisition playbooks to create a single standardized framework for their lending business
  • Define insourcing steps for business and technology teams and create a migration strategy with quantifiable recommendations and a reusable checklist for insourcing activities.
  • Assess capability and readiness and help them choose from insourcing options:
  • Achieve full migration of data and systems
  • Achieve partial migration of systems and data migration and integration
  • Manage data integration and connectivity for lending business.

Outcomes

We have helped clients achieve 50% savings in cycle time and cost for post-merger integration of business processes, application and data.

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