Automated Data Validation Tool with 48% More Accurate Fraud Transaction Detection Capability for a US-Based Community Bank

Client Introduction

A prominent regional community bank in the US, offering a wide range of financial services to consumers and businesses.

Problem Statement

• The bank was looking for a data validation tool that could match the transactional data inputs with the data output generated by its 3rd party tool. The need was for a simple and integrated automated tool that could reduce the complexity of matching the transactions generated in the bank on a day-to-day basis.
  • Ineffective fraud detection due to challenges in validating input transactions against the tool output
  • No system to determine missing transactions in the existing tool’s final output
  • Complicated and inefficient process with low accuracy
  • No auditable database, leading to regulatory risks

Solution Offered

Anaptyss developed an advanced version of the tool that generated a unique key code based on a one-to-many matching protocol. The improved data validation tool created separate input files to display validation results and compiled the output in a worksheet.

Key solution delivered:

• Integrated automated tool to simplify the matching of transactions.
• A system to look up unique key codes (transaction IDs) in the consolidated output
• Fraud detection feature with a binary output

Business Outcomes

• The bank could identify 48% more data inefficiencies
• Ability to perform root cause analysis
• 3-step automated process with 10 minutes validation time per dataset