Tata Consultancy Services’ AML and KYC compliance solution helps Entris enhance payment transaction surveillance, improve risk management and compliance capabilities for the bank and its affiliates
PRESS RELEASE
BERN | MUMBAI, March 05, 2024: Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS) has successfully implemented its award-winning solution Quartz for Compliance for Entris Banking (ENTB), Switzerland.
Based in Bern, ENTB specializes in transaction banking and business process outsourcing for small and mid-sized banks in Switzerland. With the implementation of Quartz, ENTB will be able to proactively detect and mitigate fraud and compliance risks.
The goal behind this digital transformation was for strengthening ENTB’s transaction monitoring and sanction screening capabilities. Quartz, an AI-driven anti-money laundering (AML)/ KYC and financial crime detection solution, assists ENTB in managing fraud and compliance risks, enforcing anti-money laundering and counter terrorism financing regulations, and adhering to FATF (Financial Action Task Force) 40+9 recommendations and international directives from Financial Crimes Enforcement Network, the European Union, and State Secretariat for Economic Affairs.
TCS’ solution is helping ENTB address key workstreams for payment screening, anti-money laundering detection, and sanction capabilities enabling the bank to identify and respond to suspicious activity. The solution has helped increase operational accuracy using AI/ML/NLP and parameterization across various business scenarios.
The solution is equally being leveraged by a larger ecosystem of 40+ affiliate banks of ENTB, facilitating screening and providing due diligence feedback to ENTB in a privacy-preserving manner. The cloud model of deployment ensures additional flexibility in scaling up or down while maintaining security, resilience, and extreme collaboration.
Mr. Pascal Baumgartner, Chief Executive Officer (CEO), Entris Banking, said, “As the payments industry evolves in Switzerland, we are keen to help our affiliate banks and clients with superior screening and surveillance of payments transactions, increase the speed of onboarding new clients and provide them with enhanced customer services. We selected and implemented Quartz for Compliance because of its advanced capabilities as well as the depth and breadth of functionality in the compliance space. It has significantly enhanced the operational efficiency & accuracy through a single umbrella solution for real-time screening, transaction surveillance and alerting, comprehensive workflow and case management, KYC-related due diligence and advanced risk assessments spanning multiple lines of business and transaction categories.”
“Quartz for Compliance represents a revolutionary leap in transaction monitoring and sanction screening capabilities by harnessing the power of AI/ML/NLP (free text) and the potential to leverage blockchain for handling KYC. We are excited that Entris Banking has embraced our vision for the future of compliance. Our SaaS solution helped the bank to implement more rigorous and effective controls against money laundering, and gain deeper insights on client portfolios, whilst safeguarding against financial and compliance risks,” said R Vivekanand, President, BFSI Products & Platforms, TCS. “TCS has had a strong presence in the Swiss banking sector for over a decade. With Entris Banking implementing our next-gen financial crime detection compliance solution, we are now an integral part of the sector’s transformation journey.”
Quartz for Compliance is a targeted solution catering to a range of financial institutions for their regulatory compliance requirements spanning KYC checks, sanctions screening, risk assessment, and transaction monitoring. The solution is embedded with advanced analytics and a range of tools facilitating intense surveillance. Its architecture provides for well-defined, easy-to-use standard published APIs for the quick integration of existing applications or third-party products in larger ecosystems.
The solution can be deployed as a standalone product or as part of a KYC-as-a-service arrangement that meets end-to-end KYC and risk assessment requirements. The sanctions filter module can perform the string search functionality for an organization’s client data against various sanctions or PEP lists provided by regulatory bodies and other third parties. The solution leverages AI to track behavior patterns in line with FATF and other local regulatory guidelines, monitor statistical deviations, sift outliers from peer transactions and analyze links to unearth suspicious transactions and activities.
About Entris Banking
Entris Banking is a transaction bank and payment hub to a group of more than 40 small and mid-sized banks in Switzerland, acting as central bank and a gateway provider to Swiss payment systems, SIC and euroSIC and correspondent banks. In addition to this role, ENTB provides back-end services around transaction banking, payments, trading & treasury, ATMs, debit- & credit cards, custody services, retirement planning and financial markets regulatory support to more than 70 small and medium banks in Switzerland.
About Quartz
Quartz provides foundational technology, tools and business components that harness the power of next-gen technologies including DLT, AI/ML for organizations across varied industries. Quartz caters to organizations across Industry segments including Financial Services, Banking, Supply Chain, Energy & Utilities and eGovernance. Backed by awards from the Asian Banker (Best Fraud Prevention Technology Implementation 2023), Financial Technology Forum (Best New Post Trade Solution of the Year 2022), Asset Servicing Times (Outstanding Innovation Award 2022) and recognition from Analysts (ranked #1 Best Performing Fraud Management Solution by IBS Intelligence 2022) Quartz can help organizations operate at the forefront of technology innovation. To know more about Quartz, please visit: https://www.tcs.com/quartz
ABOUT TATA CONSULTANCY SERVICES (TCS)
Tata Consultancy Services is an IT services, consulting and business solutions organization that has been partnering with many of the world’s largest businesses in their transformation journeys for over 55 years. Its consulting-led, cognitive powered, portfolio of business, technology and engineering services and solutions is delivered through its unique Location Independent Agile™ delivery model, recognized as a benchmark of excellence in software development.
A part of the Tata group, India's largest multinational business group, TCS has over 615,000 of the world’s best-trained consultants in 55 countries. The company generated consolidated revenues of US $27.9 billion in the fiscal year ended March 31, 2023, and is listed on the BSE and the NSE in India. TCS' proactive stance on climate change and award-winning work with communities across the world have earned it a place in leading sustainability indices such as the MSCI Global Sustainability Index and the FTSE4Good Emerging Index. For more information, visit www.tcs.com.
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