The Bank needed a system to meet the “Know Your Customer” (KYC) requirements established by the South African Reserve Bank (SARB). The primary goal was to create a master record for each customer that would provide a single view across the entire bank group. In addition, the system was required to refresh customer information at the individual customer level and automate simple FICA requirements, while integrating with external sources like the Department of Home Affairs and Consumer Profile Bureau.
To achieve this, Dariel developed a set of Microservices that operated over an Oracle OCH Master Data Management (MDM) solution for storing customer data. These Microservices enabled secure, high-speed lookups of customer data through caching, and facilitated intelligent address matching with external customer information sources. Additionally, a rules engine was integrated to apply KYC rules and determine customer status effectively.
The solution not only streamlined KYC processes for the client, but also enhanced customer data management, ensuring compliance with regulatory requirements while providing a comprehensive view of customer information across the organisation.
Outcome:
The implementation of the KYC system provided the bank with a comprehensive, organisation-wide single view of the customer, enabling proactive KYC processes that significantly enhance the customer experience. This solution also led to a substantial reduction in the overall cost burden associated with regulatory compliance, streamlining operations and improving efficiency across the organisation.
Tech:
- Spring Boot/Spring Cloud
- Docker
- MongoDB for transactional data and caching
- RedHat Openshift
- ELK Elasticsearch Logstash Kibana
- IBM MQ series
- Apache Kafka
- Drools rules engine
