The biggest problem in the modern banking industry is the identification and eradication of fraudulent customers and data security of the existing customer’s data. Our client is a leading private sector commercial bank that provides financial services through more than 128 locations in and around Bangladesh. DreamzTech has provided them with the Blockchain KYC Solution which is a game-changing innovation of the RegTech Industry to mitigate all the problems through a single platform to enable seamless, secure and faster data transactions with reduced operating and compliance costs and improved customer experience.
- Unification of data
from all equipment onto a single platform and automated interpretation.
- Registering a sample for
machine with upper and lower reading limits so that alerts can be generated in case
- Process data and represent
the form of animated graphs and charts wherever possible for instant decision
- Using Industrial IoT to
monitor equipment health and provide scheduled maintenance, proactive and preventive
- Platform to view the
status of a machine and the ability to view its breakdown history.
- The solution also provided
option to control machines from a user interface using PLC/SCADA and IoT.
- A lack of standardization in methods for collecting information from the customer.
- The process of customer onboarding is too costly and slow, resulting in loss of business.
- Unavailability of data sharing option to other banks.
- Data security of the information shared by the customer.
- Unavailability of customer data repository leads to a time-consuming verification process.
SOLUTIONS WE PROVIDED
- We have developed a blockchain-based platform for collecting information from customers where multiple banks and third-party verification agencies can onboard as Blockchain node.
- Bank can send the applicant info for verification to third party agency and on successful paperless verification, the bank can quickly onboard the customer.
- The platform helps to share verified customer data with other banks where all transactions between banks recorded in the blockchain network as a single point of truth.
- The platform is developed on the R3 Corda framework which confirms that data sharing only visible between two parties.
- The digital wallet provides the customers and bankers a space to upload all the important documents for future use and download them whenever required.
ABOUT THE CLIENT
The biggest problem in the modern banking industry is the identification and eradication of fraudulent customers and data security of the existing customer’s data.
United States of America
SERVICES WE PROVIDED
Deployed Business Analyst and Solution Architect in client location supported by a team comprised of Project Manager (PM), Tech Leads, Developers, Quality Analysts (QAs) in India. We have supported the Onsite-Offshore location model.
After gathering requirements Solution Architect had created the workflow of the project and selected the technologies to be used. After a discussion between BA and QA Lead, test cases were prepared and validated by the client.
BitBucket (version control repository) was created for a safe and secure code repository of the project. We have used the SonarQube tool for Code Quality and Security. The client could see the visual progress of the solution.
Based on KYC business logic, we developed a platform based on one of the most demanding Blockchain Framework R3 Corda – which is especially suitable for FinTech. Integrated R3 Corda Blockchain and enhanced web application for KYC in the AWS cloud.
Delivery & Maintenance
SIT and UAT was performed and took approval from the client to go live. After go-live, in the maintenance period, we have supported application enhancement along with SLA driven Level 2 & Level 3 support. The in-scope requirements, cost, schedule, list of the deliverable, delivery dates are created as a backlog of tasks in JIRA.
The application database was designed after scrutinizing the existing data structure. A joint effort from DB architects and developers migrated data in a test environment and conducted regression testing before go-live.