Transforming Financial Crime Prevention with the EY Global Financial Crime Platform

EY and Microsoft Collaborate to Combat Financial Crime in Banking Sector

In a groundbreaking collaboration, EY and Microsoft have joined forces to develop a powerful solution to combat financial crime in the banking sector. By leveraging the deep business insights of EY, the scalable enterprise cloud platform of Microsoft Azure, and the digital technologies of Pega, the EY Global Financial Crime platform has been created to transform large-volume KYC operations.

The platform, which took more than two years to develop, aims to streamline KYC processes, reduce manual input, increase data quality, and optimize operations to help offset financial crime. Patrick Craig, EY EMEIA Financial Crime Technology Lead, highlighted the impact of Microsoft Azure in enabling faster and more accurate data processing, allowing analysts to identify potential financial crime threats more efficiently.

Through a strategic architecture review and collaboration with Microsoft, EY orchestrated a hackathon to explore innovative approaches to KYC processes. The resulting EY Global Financial Crime platform automates the collation of internal, external, and customer data into a single view using the Pega platform, streamlining the customer onboarding process and risk management systems.

The platform’s integration with Pega’s case management and workflow tool enables seamless data collection, identification, verification, screening, and ongoing monitoring in a cloud environment. This automation not only reduces human effort and manual intervention but also enhances risk management efficiency and effectiveness through machine learning technology.

Furthermore, the platform’s microservices design approach allows for flexible deployment and integration with existing enterprise solutions, ensuring rapid scalability to meet client demand. The collaboration with Pega also facilitated the development of a customer outreach portal, seamlessly integrated with the Microsoft solution.

Overall, the EY Global Financial Crime platform represents a significant advancement in the banking sector’s fight against financial crime. With its innovative technology, scalability, and industry-wide potential, the platform is poised to revolutionize the sector’s approach to financial crime prevention and risk management.