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Combating Money Laundering with Jocata

Amarendra Joshi
Global ISV Lead - HPC

Financial institutions across the world are required to meet anti-money laundering (AML) regulations for compliance. With more customers using digital payment options, financial institutions rely on AML service providers to monitor and flag transactions that appear suspicious. Jocata, based out of Hyderabad, India, gives financial institutions a secure, modular, and scalable online platform called Jocata GRID to provide a real-time view of business, risk, operations, and compliance

STAR on Oracle Cloud Infrastructure

The Jocata GRID Suspicious Transaction Analysis and Reporting (STAR) service is now available on Oracle Cloud Infrastructure. STAR monitors and analyzes customer transactions in banking, insurance, capital, and securities markets. It delivers a comprehensive monitoring solution that helps financial institutions detect and analyze potentially suspicious activity.

Central Tracking and Reporting Application (CENTRA) is the reporting module of STAR. It enables regulatory reporting for cash transactions and suspicious activities of multiple types. Transactions can include remittances, deposits, and credit card transactions. CENTRA supports both commercial and consumer banking.

Better Security and Performance on Oracle Cloud Infrastructure

For network control, most clouds rely on the hypervisor, which degrades performance and is not secure. Oracle uses off-box virtualization to manage the software defined network. This method provides maximum isolation for our customers, because no Oracle code is running on the physical servers or virtual machines (VMs), and it isolates users from the Oracle management code. In addition, our zero-trust architecture ensures that Oracle Cloud Infrastructure is the most secure cloud for our customers to run their applications in. Oracle Cloud Infrastructure also satisfies Jocata’s compliance requirements for ISO 27001, PCI-DSS, and SOC2/3.

Implementation in Oracle Cloud Infrastructure

The Jocata STAR service takes advantage of several benefits that come natively with cloud deployment and the superior performance specific to Oracle Cloud Infrastructure. In the STAR architecture, Jocata uses standard VM shapes for their application instances, the high-performance edition of Oracle Database Cloud Service, and other services like load balancers, block storage, and elastic IP addresses. Along with NVMe-based block storage with 75 IOPS/GB performance, Jocata also uses the unique capability of attaching sharable read/write block volumes to multiple instances on Oracle Cloud Infrastructure.

The following graphic shows the STAR application architecture:

Screenshot that depicts the STAR application architecture.

Figure 1: STAR Application Architecture

The following graphic shows the architecture on Oracle Cloud Infrastructure:

Screenshot that depicts the STAR application architecture connected through Oracle Cloud Infrastructure.

Figure 2: STAR Application Architecture on Oracle Cloud Infrastructure

Excellent Performance on Oracle Cloud Infrastructure

Jocata ran STAR’s AML services for one of their customer use cases. For the extract-transform-load (ETL) phase, they ran several jobs that processed customer and transaction data to prepare it for monitoring. Jocata loaded and analyzed 9 billion transactions from 500 million customers and then ran customer risk, peer profiling, and network analytics jobs for advanced AML scenarios. This test generated over 45 million alerts with 200 million customer transaction details in 61 hours, showing a performance gain of 41% over their previous benchmark. The database performance was exceptional. They loaded 500 million transactions per day in the platform while other jobs were running in parallel.

Oracle and Jocata continue to expand on our differentiated offering by onboarding more of Jocata GRID services on Oracle Cloud Infrastructure. Jocata is a member of Oracle PartnerNetwork (OPN). Stay tuned for more announcements.

Independent software vendors that want to host their applications in Oracle Cloud Infrastructure can find more information in Design the Infrastructure for Hosting SaaS Applications, along with best practices.

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