AML Software Development and Maintenance

Business Challenge

The customer has an existing enterprise software for financial institutions and had an aim to extend it. For this reason, he was looking for Angular software engineers, who could start fast, have appropriate experience, skills and seniority level as well as will quickly fit an existing team and find a common language with the colleagues. Due to the rapid team extension, the customer wanted to speed up the development of his financial software and the delivery of important features to his clients. End clients of our customers are banking institutions from all over the world.

Solution

A hired senior Angular developer from Chudovo has joined the team as an extension to the existing one. The developer took over the work on a specific part of the functionality and moved on to the active development stage. Among the main tasks that were assigned to the engineer are to mention:

• Creation of lists for tracking (watchlist), displaying them in a plate with the ability to filter, sort, etc.
• Work with different versions of these lists and version control
• Setting the ability to set the list update schedule
• Updating and deleting lists
• Adding settings to the admin panel to control the availability of lists
• Angular versions migration
• Starting to work on separation of the single repo to use micro frontend
• Unit testing global project setup configuration
• Configure user reports for company entities
• Software maintenance and support

General technical details about the project:

• Front-end part: Typescript, Angular, RxJs
• Back-end part: Java, Python
• Micro frontend and microservices architecture
• Jenkins and Azure DevOps for CI/CD processes
• AWS (now Git repos are there)
• Unit testing (Karma, Jasmine)

How Does the Module with AML Software Solution Work?

Transaction monitoring service is a part of customer’s enterprise software for financial institutions. Usually, banks markedly benefit from the module with integrated anti-fraud solutions. This helps attract new customers, raising the rating of the financial institution, and increasing the level of trust in the organization. 

The transaction intelligence software is intended for collecting information about all suspicious transactions and setting up so-called watchlists to monitor and track these transactions, record financial crimes, money laundering, and any other crimes/frauds in the finance area. In addition, the platform is GDPR compliant and meets all EU standards.

In general, anti-money laundering software is a real-time solution. Indeed, it detects suspicious activities and identifies possible fraud attempts. The algorithm built into the system identifies suspicious payments based on various factors. For example, frequency of payments, amount of payments, sender and recipient, country of sending and receiving funds, and many other specific criteria. In other words, a fintech solution based on known money laundering scenarios quickly detects suspicious funds movements.

Surely, fintech app helps to prevent financial crimes and illegal activities like terrorist financing or similar. Truly, financial institutions anticipate possible fund fraud while using this transaction screening service. Mitigation of the financial crime risks is one of the main advantages of the fintech solution. In short, the transaction monitoring system is an integral part of the work of any reliable financial institution. Generally speaking, AML software identifies transactions or customers related to illegal activities.

Business Impact

The customer via the development team extension was able to deliver his financial app in time and with all updated features. Generally speaking, the company now can cover the needs of its current clients and at this point is planning further development of its financial software product and improved functionality.

Fintech developers fit into the existing team perfectly. Currently, he works as part of the team together with other colleagues. The finance software developer is responsible for the front-end part of the module for transaction monitoring. AML software service empowers banks to manage and estimate fraud risks and illegal money operations. The number of financial institutions using the customer’s enterprise software solution, including transaction screening module, is steadily growing.

Chudovo: Custom Fintech Solutions Provider

Nowadays, many services are moving online, including banks and financial institutions. Digitalization of processes and workflows is the leading topic of today. If believe the statistics, every year a lot of companies and startups are created in the financial direction. Chudovo company has been operating on the market for more than 15 years. Therefore, we have experience in various industries, including fintech software development. Our fintech application development teams work on projects of different specifics and complexity.

Our software development expertise for financial services could help to expand your opportunities and start with your fintech software idea. Our fintech app development engineers can bring value through the design and implementation of fintech solutions from scratch. On the contrary, fintech app developers can join your team to boost the development of the existing financial apps. We have a personal approach to each customer and will be able to offer you favorable conditions for cooperation.

If you have a fintech application development project in mind, contact us!