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IDBI Intech to host BFSI compliance apps on Yotta

IDBI Intech to host BFSI compliance apps on Yotta
Photo Credit: 123RF.com
6 Jan, 2021

Yotta Infrastructure, the data centre arm of the realty-focused Hiranandani Group, on Wednesday said it has partnered with IDBI Intech to host the latter’s i-Reconciliation (i-Recon) and i-Anti-Money Laundering (i-AML) applications on its platform.

The applications from IDBI Intech, a wholly-owned subsidiary of IDBI Bank that provides IT related services, have been packaged as ‘banking compliance-as-a-service.’ The two services, which will be available on Yotta Enterprise Cloud in a subscription-based model, will be hosted at the Yotta NM1 data centre.

Read: Yotta picks Greater Noida region to set up third hyperscale data centre

i-Recon offers an integrated reconciliation platform addressing the challenges of scalability, transaction volume, speed, and accuracy with an automated and integrated approach as required by banks and insurance companies, as per a statement. 

The artificial intelligence (AI) and machine learning (ML) enabled application also features network-wise data segregation for dispute management and reversal of charges, offline and real-time data ingestion capability, apart from real-time analytics of ATM networks.

i-AML, on the other hand, helps BFSI companies identify and combat various money laundering risks. It identifies money laundering attempts, reports suspicious transactions and entities to regulatory authorities, and takes preventive action or blocks the transactions as per organisational needs.

Separate versions of i-AML are available for banks, insurance companies, payment banks and NBFCs, the statement said, adding that the solution is accessible, scalable, and compatible with most of the banks’ core databases.

“It (the solutions) delivers the same values, features, security, and scalability that banks demand, but without the additional costs, delays, and complexities that normally come along while deploying these solutions on-premises. We will continue to offer more fintech solutions under the banking compliance-as-a-service portfolio on Yotta Enterprise Cloud,” Surajit Roy, managing director and CEO of IDBI Intech, said.