Regtech Platform
This is a common Risk platform which covers multiple regulatory areas including AML, Fraud Management, FATCA reporting , CbC reporting for BEPS.
Being Multi Country, Multi Entity and Multi Currency,
this platform can be upgraded for changes in the regulations or to manage new regulations.
Yet it's modular hence products can be easily added over a period of time as needed.
Financial Crime Surveillance
One of the key regulatory areas which regulators are keen to look at, is financial crimes. Banks and all financial institutions in general, have increasing responsibility on them to monitor everything around financial transactions closely. FCA has been enhancing the regulation around SMR4 ( Senior Management Regime 4) for added accountability.
As the criminal elements keep trying various new ways of conducting financial crimes and fraud; software systems and technology needs to be intelligent and flexible enough to detect and handle these new methods.
Anti Money Laundering
A highly configurable, intelligent software solution which covers all aspects of AML compliance which a MLRO looks for and more . High level of functionality which covers features from Customer on-boarding checks , online Sanctions list scanning, up to online Swift message scanning and transactional Behaviour Analysis.
The software is already compliant with over 32 FIUs and additionally provides components
- Rules Engine
- STR reporting
- Case Management
- Alerts Management
- Organisational Risk Profiling
- Enhanced transactional link analysis
Multi Lingual, Multi Country, Multi Tenant and Platform agnostic.
Anti fraud Management
- Highly efficient “AI” enabled Anti Fraud solution effectively processes multiple fraud scenarios around the transaction to detect fraud.
- Complex fraud cases are processed through “machine learning” hence increasing its intellect value continuously.
- Predictive algorithms are used on various data elements including Big Data to manage fraud risk.
- Real-time alerts and automated actions
- Device/channel/cognitive modelling
- Auto stop transactions
- Social media monitoring through machine learning
- Profiling and case management
- Transaction and non transaction monitoring/ profiling
Financial Reporting System
One of the key areas for a Financial Institution today is reporting. Regulatory reporting is only slated to increase in coming years.
Key area to address is not having correct templates for specific reports but to collect, assess and collate that data to create highly specific reports. FATCA and Multi Country Reporting products are specifically designed for allowing ease of specific reporting.
FATCA
- Solution to comply for “Foreign Account Tax Compliance Act” Its highly parameterised to tune itself to every organisation in a unique way.
- Various institutions are under purview of FATCA and CRS such as Banks , non-banking financial companies, brokers, money exchange agents etc. This solution can cater to all.
- Multiple reportable jurisdictions can be handled from one solution.
- Various reporting formats such as XML, CV, PDF, XLS, bulk are supported and third party integration for file exchange is also available.
- It can be deployed on on-premise model or is also available on cloud.
BEPS and CbC Reporting System
Base Erosion Profit Shifting (BEPS) and Country by country (CbC) reporting system Base Erosion Profit Shifting (BEPS) is a term used to describe tax planning strategies that rely on mismatches and gaps that exist between the tax rules of different jurisdictions, to minimize the overall corporation tax by either making profits “disappear” or shift to low tax operations where there is little or no genuine activity.
BEPS (Action 13) mandates Country by Country Reporting for MNE (Multi National Enterprises) report annually and for each tax jurisdiction in which they do business. MNEs exceeding revenue of Euro 750 Million need to file CbC for each jurisdiction which needs to include information such as of revenue, profit before income tax and income tax paid and accrued and even, their number of employees, stated capital etc in each Tax Jurisdiction.
Our “CbC reporting system” is designed to simplify the tax compliance process. It is an enterprise scale product built on open and flexible metadata based architecture, which seamlessly aggregates the data available in the client’s systems and maps them according to BEPS specifications enabling an aggregation of information into specific tax jurisdiction norms.
Most importantly - It has capability to cater for multiple jurisdictions on the same platform instance, which can be hosted on cloud or on premise model.
GDPR
Core Banking Solution
A core Banking solution including the whole range of functionality built on SOA technology, covers all typical functionality to run a Conventional bank in Digital transformation mode.
- Front office & back office automation
- Savings, term deposits, overdraft
- Trade finance & wholesale banking
- Treasury back office
- Internet banking
- Loans origination, management, collection and delinquency
- HO functions –accounting, recon, fixed assets
- Brokerage for equities, mutual funds & insurance
Microfinance
- Phase-Shift offers a comprehensive solution for microfinance institutions. Solution boasts of all very specific functionalities meant for high volume small value transactions and includes
- Current and Savings accounts,
- Group Lending, specialised lending such as Agricultural, educational, micro-enterprise lending,
- Funding source tracking , Donor fund reporting and ring fencing,
- Portfolio tracking, social impact monitoring
- Having implemented multiple such products in four corners of the world, Phase–shift understand exactly what works best for these microfinance institutions.