Moringa Techsolv, a banking software product and services provider with a focus on regulatory technology space, announced on Monday that Maharashtra-based Shirpur Peoples Co-operative Bank has implemented Moringa’s CladRysk Anti-Money Laundering (AML) solutions.
Moringa was chosen after careful evaluation of various solutions available in the market by the Shirpur Peoples Co-operative Bank. The CladRysk Anti-Money Laundering solutions will assist the bank in effectively complying with anti-money laundering regulations.
This implementation has been facilitated by Moringa’s marketing partner, Modus Information Systems. Modus Information Systems is a long-term technology partner of Shirpur Peoples Co-operative Bank and has undertaken various digital initiatives with the bank for improving operational and compliance efficiencies. Recently, Modus has implemented a global core banking solution (CBS)- at Shirpur Peoples Co-operative Bank which helps the bank seamlessly interface with allied solutions to accelerate their digital transformation.
Post-adoption of Modus’ solutions along with Moringa’s (AML) solution, the cooperative bank is now in a strong position not only to mitigate the risks arising from such clandestine operations but will also help the bank to get an early warning of such transactions.
Commenting on the implementation of the anti-money laundering solution, Vinod Patel, IT Manager, Shirpur Peoples Co-operative Bank said, “Shirpur Peoples Co-operative Bank has been serving its customers as their trusted financial partner for many decades. With the implementation of Moringa’s anti-money laundering solution, we will be able to serve our customers better. This is a crucial step in our digital transformation journey, wherein all our systems will be agile to detect and prevent any attempt of money laundering on a real-time basis. Our partnership with Moringa will also ensure easy compliance with all regulatory norms.”
Chief Executive Officer of Modus Information Systems, Mohan Kumar K L said, “We are partnering with Shirpur Peoples Co-operative Bank in several digital transformation initiatives. Moringa’s CladRysk product suite & Modus’ solutions have put the bank in an enviable position to scale its corporate and retail operations faster with delivering of delightful digital experience to customers. The current implementation of Moringa’s CladRysk AML solution will further strengthen the bank’s delivery capabilities with compliance at scale.”
Commenting on the collaboration, Sanjeev Dahiwadkar, Founder and Chief Executive Officer, Moringa Techsolv said, “We are excited to partner with Shirpur Peoples Co-operative Bank in their digital transformation journey. As the world comes out of COVID, the banking system needs a vigilant eye on all money laundering activities. Moringa’s CladRysk platform with its digitally-powered intelligent automation is suitable for mitigating the risks arising out of such transactions. Our strategic collaboration will enable our partner to not only comply with regulations but also serve their customers better.”