Earlier this week Vaulsys and RapidCompute signed an MoU to offer cloud-based security solutions to enhance the level of security, surveillance, and freedom to banks, FIs, and EMIs in Pakistan. The partnership supports the State Bank’s vision to further digitize the banking and payment industry and mandate organizations to implement a comprehensive AML and fraud management system.
The agreement will allow Vaulsys to provide its cutting edge AML and Fraud Management Solution, VaulGuard, on RapidCompute’s cloud platform as a cost-effective solution for financial institutions. This would greatly benefit them by saving significantly on infrastructure and support costs, as well as reducing their time to market.
Usman Qureshi, CEO Vaulsys commented, “We are very excited to introduce this ‘AML & Fraud management on the cloud’ by partnering with the leading cloud provider in Pakistan; RapidCompute. Teaming up with them empowers Vaulsys to offer VaulGuard to a range of financial institutions including banks, EMIs, PSPs, and Fintechs who wish to onboard a comprehensive AML and fraud management system with a lower upfront Capex and quick deployment and go-live time.”
“With the ongoing shift in the payment landscape, businesses are looking to become more flexible and cost-efficient with their services. This is where the cloud comes in- offering scalability and security at low costs. VaulGuard is a sophisticated product by Vaulsys that uses algorithms and highly effective scanning methods to deliver comprehensive screening of all types of customers and transactions. By offering this solution from our cloud, customers can benefit from the scalability, lower capital costs, and ease of operations,” Abdul Samad Khan, Deputy Manager Partner Eco-systems, stated.
Vaulsys, a Fintech company, provides advanced payment and fraud management solutions through an open platform. Vaulsys VaulGuard is comprised of an AML system and a Fraud Management system where VaulGuard acts as an “Omni-channel” fraud prevention system that works in real-time on all types of transactions coming from different banking channels.
VaulGuard is built specifically for the banking industry by the people who know banking technology and have been in the industry for decades. This highly efficient solution has the capability to identify fraud and support real-time anti-money laundering situations.
RapidCompute is a division of Cybernet and a member of Lakson Group. It has been Pakistan’s trailblazer in offering cloud computing, networking services, and management tools for digitizing all areas of business and industry. It continues to be one of the largest providers of cloud services to the government, financial sector, and large scale enterprises.
The company also provides organizations with data and network security that meets global standards by being the only local CSP to be PCIDSS3.2 and ISO 27001:2013 Certified, as well as being GDPR Compliant.