Implementing Real-time Transaction Monitoring in a Leading PSU Bank


The introduction of real-time transaction monitoring was initiated alongside the inception of digital payments, and its necessity grew with the increase in digital payment fraud and illegal transactions. As digital payments have just a milli-second of transactional window, it is complex and challenging for traditional financial institutions to get hold of transaction patterns that require meticulous attention, unlike conventional modes of payment. Thus, the rise of real-time transaction monitoring came into the picture, where banking platforms can monitor, analyze, and detect every monetary exchange in true real-time, which is preventive and proactive. The significance of risk management in real-time has helped a leading PSU bank to prevent multi-channel transaction frauds, manage high transaction volumes, and analyze unusual customer transactions with the assistance of BANKiQ’s IFRM (Inline Fraud Risk Management) solution.

This blog will focus on the success story of BANKiQ’s IFRM solution, which stands as a robust and real-time platform for payment aggregators, payment service providers, and issuing banks in recent times owing to the surge of transaction risks.

Explore BANKiQ’s FRM solution

Before we delve specifically into the case study, let’s learn about BANKiQ’s FRM solution, which helps address the most anticipated requirements for the digital world – true real-time transaction monitoring. So, what makes it unique and stand out from its competitors? Let’s analyze them,

Single platform

  • Designed for both issuer and acquirer banks, BANKiQ’s FRM is a single monitoring solution that can be customized per your business needs.
  • The solution assists in addressing FRM and AML FIU-STR.
  • The solution supports real-time transaction monitoring, including advanced machine learning, AI technologies, customer and transaction analysis, behavior-based rules, and diverse statistical models.
  • The solution facilitates cloud and on-premise hosting, ensuring that various financial crimes are addressed in real time.

Cognitive intelligence

  • The integration of artificial intelligence and machine learning technologies and algorithms within the FRM solution contributes to its cognitive intelligence.
  • Utilizing a range of data attributes, from 10 to 10,000, BANKiQ’s FRM solutions aid in identifying and monitoring subtle and significant threats and transaction frauds.
  • This automation streamlines the customer onboarding process by conducting data extraction and analysis, identifying customers with high-risk profiles.
  • Additionally, it supports the development of predictive models capable of foreseeing future risks and potential losses, thereby enhancing decision-making processes and improving risk management strategies.

Rules and scenarios

  • Predefined rules and scenarios are established based on internal practices, industry norms, threshold activities, and hypothetical scenarios.
  • These serve as directives for monitoring transactional activities that deviate from the predefined rules, such as exceeding credit limits, non-compliance with regulations, and other strategic considerations.
  • The predefined rules can be customized based on payment aggregators, issuing and acquiring banks, and payment service providers.
  • These predefined rules and scenarios support efficient risk management strategies such as hedging, rebalancing portfolios, and liquidating specific positions upon reaching certain risk thresholds.

DSL-powered self-service rules

  • Create and set up fraud detection rules using a user-friendly domain-specific language, eliminating the need for IT or developer expertise.
  • The goal of streamlining rule creation is to facilitate efficient and adaptable fraud risk management strategies.
  • This enables rapid adjustment to evolving fraud patterns, empowering business users to promptly modify and refine rules using their domain knowledge and insights.

Case management

  • The case management functionality within BANKiQ’s FRM system is designed to streamline the investigation process by serving as a centralized repository for case data and insights.
  • Upon detecting a fraud, the case management module automatically generates a case and assigns it to the appropriate team or professionals based on factors like case type, severity, and priority.
  • The module facilitates case investigation by providing access to historical data and customer profiles, ensuring consistent handling of transactional fraud cases.
  • Supporting documents can be stored within the FRM solution, allowing stakeholders and relevant personnel to view, interact with, and provide feedback on the case.
  • Case reports are generated to provide analytics and status updates on each case, with severe or high-risk cases triggering alerts for suspicious activity.
  • Overall, the case management module aids in the investigation, management, and resolution of real-time transaction frauds.

Thus, the above explanation stands out loud and clear for our success stories we built for payment aggregators, issuers and acquirers to help fight against fraud and ill-legal transactions in real-time, reducing daily disruptions, enhancing the customer experience and preventing all kinds of transactional fraud.

Highlighting BANKiQ’s success with a leading PSU bank

The case study below is an example of how efficient and effective BANKiQ’s FRM solution is for assisting a leading PSU bank with real-time transactions. 

While banks are expected to function seamlessly with low to no transactional fraud, the current traditional banking ecosystem at PSU Bank is not capable of doing so.

Known for its large customer base, assets, and huge transaction volume, the bank was popular and robust enough to handle risk and fraud cases. However, the decision to host digital banking through multiple channels lowered the bank’s current transaction monitoring capabilities. Due to the rapid nature of digital payments, which are processed in a matter of milliseconds, the bank faced challenges in effectively monitoring, detecting, and analyzing monetary transactions using a conventional transactional monitoring platform.

The following complications put PSU Bank in search of a modern, real-time, and client-centric FRM solution.

  • To implement true real-time monitoring
  • To support large transactions per second
  • To monitor and prevent frauds in the UPI channel

Discover how to navigate instapayment frauds seamlessly with the BANKiQ simplified solution. Reach out to our experts for a quick demo.

BANKiQ’s FRM solution for real-time transaction monitoring

Getting introduced to BANKiQ’s FRM solution, which was capable of offering the following operations, helped the PSU bank leverage true real-time transaction monitoring to absolute accuracy, preventing fraud and ill-legal transactions.

Concurrent link inspection and data visualization

Assist in analyzing and visualizing relationships and connections between transactions, accounts and other entities in real-time. This helps examiners understand the pattern of transactions and identify potential fraud cases.

Multi-channel notifications and incident management

Generates alerts and consolidates all fraud cases detected across multiple channels, including online, mobile, and net banking. This helps in investigating fraud cases on a unified platform.

Financial fraud and performance analysis

Create reports and dashboards related to fraud metrics, patterns, and operational performance. This will help provide insights for decision-making and continuous improvement.

Precise security measures, audit trails, and in-depth performance tracking, along interjection

Intervene transactions and other financial operations based on fraud detection rules by offering robust security controls, access management and broad auditing capabilities. This empowers financial operations to protect data privacy and stay compliant with the latest rules and regulations.

Leveraging the above functionalities, the PSU Bank was capable of

  • Handling large volumes of transactions that were up to 10,000 TPS
  • Understanding the difference between usual v/s unusual transactions per customer and channel interactions
  • Supporting retail transaction channels, internal frauds, and corporate banking transactions in real-time.

Thus, the integration of BANKiQ’s FRM solution, which has a diverse range of functionalities, including AI and deep learning capabilities, customized analytics, and an advanced rule engine., assisted the PSU bank in combating fraudulent transactions in true real-time, which was posed as a challenge and concern for the banking industry.

Stay preventive and proactive by booking a demo with BANKiQ today!

About BANKiQ

The need to address financial crimes has become an unsaid norm in the digital age, owing to the surge in fraudulent transactions and the various modes of payment. Be it issuer or acquirer banks, payment aggregators or service providers, BANKiQ’s FRM solution is for all who are struggling to prevent financial crimes and stay compliant with regulations and laws. Real-time transaction monitoring, suspicious transaction reporting (STR) and curated fraud risk management from BANKiQ help the banking industry and other monetary handling institutions stay proactive against financial crimes that might be subtle or severe. Integrated with AI and machine learning algorithms, this FRM solution from BANKiQ is customizable, has a comprehensive single platform and offers cross-channel monitoring that ensures immediate detection and resolution of fraud. Why opt for a reactive approach to financial protection when you can access BANKiQ’s FRM solution with just a click?

Get started by scheduling a demo with the experts at BANKiQ today!


In conclusion, it’s clear that ignoring the importance of real-time transaction monitoring can lead to irreversible fraud and financial crimes. By investing in fraud prevention platforms like BANKiQ’s FRM solution, you can effectively navigate the challenges of the financial industry while focusing on your organizational goals. BANKiQ offers a comprehensive fraud detection solution, from monitoring suspicious activity to recommending solutions, making it scalable, secure, and sophisticated.

The case study highlights how the absence of a modern cognitive intelligence platform hampered a leading banking institution’s operations. It underscores the significance and necessity of BANKiQ’s FRM solution in overcoming such complexities. While it’s impossible to completely stop or prevent fraud activities, staying ahead of financial crimes is a wise decision.