Banking technology provider JMR Infotech has completed the go-live of Ethiopia-based Abay Bank's upgraded Oracle Financial Services Analytical Applications (OFSAA) Financial Crime and Compliance Management platform, integrated with Oracle FLEXCUBE core banking. The upgrade from OFSAA 8.0.8 to 8.1.2.10 embeds customer screening, Know Your Customer (KYC) checks, and transaction filtering into the bank's core banking workflows.
Screening customers before onboarding
With the integration, Abay Bank can screen customers before onboarding and strengthen due diligence at the start of each customer relationship. The implementation covers OFSAA's anti-money laundering (AML), KYC, customer screening, transaction filtering, and case management capabilities, supporting due diligence, transaction controls, data quality, and compliance analytics across the bank's operations.
Elias Berhanu, Chief Information Officer at Abay Bank, said financial crime compliance must keep pace with the scale and speed of the bank's business, and that the integration with FLEXCUBE strengthens its ability to screen customers before onboarding and apply transaction controls across its network. He added that the upgrade allowed the bank's compliance teams to continue their work without disruption.
Data migration and automation
JMR Infotech migrated Abay Bank's existing business and transaction data, alerts, KYC assessments, and compliance cases to the upgraded platform, preserving investigation history through the transition. The project also included changes to batch automation and data extraction processes to improve processing efficiency for the bank's AML operations. Abay Bank serves more than 5.5 million customers through over 1,000 branches and processes more than 200,000 transactions a day.
Suresha Iyer, President and Head of Enterprise Risk and Analytics at JMR Infotech, said banks need compliance platforms that screen customers and transactions in real time without putting day-to-day operations at risk. He added that JMR Infotech embedded screening directly into Abay Bank's core banking workflows and will continue to work with the bank after the go-live, as its compliance teams review alerts and manage cases on the new platform.
