Polaris Financial Technology Limited recently launched the Financial Forensics Platform at the FT Design Series in London. Polaris will use Hortonworks, a provider of enterprise ApacheT Hadoop®, a strategic element of the solution.
With the goal of addressing the Money Laundering and Fraud issues faced by financial institutions, Polaris unveiled a unique platform named 'Financial Forensics Platform' (FFP). As a modular solution, FFP will help rapidly investigate irregularities, specifically those relating to Anti Money Laundering (AML), Fraud, and Risk & Regulatory. The launch received an unprecedented level of interest, as the AML module of FFP was showcased to CIO's, Business & Technology Heads and Senior Data Architects from leading banks in the UK and Europe.
Built using Polaris' and Hortonworks' state-of-the-art technology, FFP will enable the processing of structured, semi-structured and unstructured data in a bank's existing system. The solution will complement the bank's existing AML solution, and provide the ability to process enormous data efficiently with critical business analytical abilities that Big Data enables.
Speaking at the launch, Jitin Goyal, CEO, Polaris FT Services said, "As an advanced solution, designed, based on Big Data techniques, FFP comes at a right time, when banks are in dire need to handle myriad of challenges from economic conditions, with regulators heavily clamping down on financial institutions. This platform will help recognise and prevent fraudulent activities in near real-time."
Polaris is now working with various banks and industry bodies to swiftly onboard this solution, to help them lead the battle from the front as well as help their partners across the globe.
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