ITShastra India Pvt. Ltd , today announced the launch of RxOffice AML, a state of the art, Anti-Money laundering and fraud detection solution, which streamlines detection, monitoring and investigation operations. It’s customized for banking, insurance and capital market intermediaries like brokerages, mutual funds.
The product was launched by Mr. Mukund Abhyankar, Chairman NAFCUB and Chairman Emirates Cosmos Bank at Pune. Mr. Vikrant Ponkshe Managing Director Cosmos Bank, Mr. Vasant Manwadkar Managing Director Cosmos e-Solution, Mr. Sunil Sabnis Director Cosmos e-Solutions and Mr. Joshi Director Cosmos e-Solutions were present at the launch.
RxOffice AML is a product developed by ITShastra along with Cosmos e-Solutions and Cosmos Bank. RxOffice AML combines statistical and rules-based methodologies to recognize and supervise doubtful activities correctly, quickly and more cost-effectively, requiring fewer resources to deliver better results.
“As the incidences of financial crimes increase, organizations need to meet regulatory requirements and detect, monitor and report suspicious activity. With the ease of suspect search & know your customer feature, (KYC) it helps banks and financial institution to keep a tight watch on people involved in suspicious money transactions. With Business Rule Manager, banks can define their customized rules, which can be executed on daily transaction to identify suspicious transactions and generate STR & CTR reports. RxOffice AML's open architecture helps banks in integrating these services into their products like CBS very easily. Presently the product is integrated with Finacle”, said Prasad Nagool, CEO, ITShastra India Pvt Ltd.
Mr. Vasant Manwadkar, Managing Director, Cosmos e-Solution said “ RxOffice AML enables integrated AML lifecycle management while delivering insight across the customer life cycle to ensure smart and cost-effective AML operations for a positive, holistic customer experience. RxOffice AML not only meets regulatory requirements, but it goes a step further by making the process simpler and more efficient." The product uses customized screening algorithm to map the suspicious persons and their associated transactions and also vice versa from the suspicious transactions to the details of the people involved in the transactions.
About ITShastra India Pvt Ltd:
Established in 2001 and headquartered in Mumbai, ITShastra is a professionally managed software company, which is a global provider of consultancy, development, testing and design services for business around the world. With a highly qualified team, ITShastra, has broad-based experience in both software design and Web application development that address multiple vertical industries including Mortgage, Retail, Healthcare, Education, Film Industries, Banking and more. ITShastra also has products in Banking, Healthcare and E-governance.
Winner of
"QCI D. L. Shah National Award on economics of quality"ITShastra is a CMMI Level 3 and ISO 9001:2008 certified company.
ITShastra is the "one-stop solution" to all IT design and development needs of an organization. ITShastra is incorporated with a mission to assist their clients achieve their business goals and get the maximum ROI on their IT investments. Having made its mark in custom software development, website development, ASP.Net, Java, Open Source, PHP, Web Application Development, Mobile apps Development and offshore IT outsourcing services, ITShastra expertise in the design and development of robust and scalable web and mobile applications development.
ITShastra believes in delivering the best-in-class assessment, design, testing, procurement, integration and support services - customized to meet the needs and requirements of an organization. ITShastra has offices in Pune, Thane and Gujarat.
Photo Caption:
Vikrant Ponkshe Managing Director Cosmos Bank, Mukund Abhyankar Chairman NAFCUB and Chairman Emirates Cosmos Bank, Sunil Sabnis Director Cosmos e-Solutions, Mr Joshi Director Cosmos e-Solutions and Prasad Nagool, CEO ITShastra India Pvt Ltd. 
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