VizuaMatix Clinches Best Innovation Award at SLASSCOM National Ingenuity Awards 2022
vxFRMS recognized for innovative capabilities that use AI, big data, and deep learning to help banks and financial institutions in managing all their risk segments effectively
From L: Channa Manoharan (Emeritus Chairman, SLASSCOM), Tharindu Abeydeera (Deputy CEO, VizuaMatix), Himasha Wijesurendra (Head of Marketing, VizuaMatix), Theekshana Kumara (CEO, VizuaMatix), Ashique Ali (Vice Chairperson, SLASSCOM)
The Sri Lanka Association of Software Services Companies (SLASSCOM), held its momentous finale of the National Ingenuity Awards July 1st, 2022 at Shangri'La Colombo, celebrating some outstanding innovations from across Sri Lanka. VizuaMatix's cutting-edge Financial Risk Management System vxFRMS took top honors in the category of Best Innovation in Internal Processes, Technology, or Framework, which recognizes the innovation that best exemplifies advances in productivity, efficiency and performance of an organization.
vxFRMS is a fully home-grown new-age credit risk management system that banks can use to visualize risk at the click of a button, while also being provided with workflow management and predictive analysis tools. vxFRMS breaks the traditional boundaries by introducing a rule-based and AI-powered Early Warnings Signal (EWS) engine with vendor independent, configurable scoring modules that detects borrowers at risk of distress or default early enough so that an effective de-risking strategy can be implemented in time.
vxFRMS helps banks reduce their Non-Performing Loan (NPL) ratios significantly by using an AI engine to predict Non-Performing Assets (NPA) and provide insight into future payback probabilities for individual products and visualize portfolio NPA trends over time. The platform also facilitates to maintain intuitively selected lists of customers for close monitoring. A state-of-the-art rule-based and AI-powered-model-based Transaction Monitoring System (TMS) triggers Anti Money Laundering (AML) activities and manages the alert across teams ensuring regulatory compliance is met. In developing vxFRMS, VizuaMatix has onboarded KPMG as knowledge partner in March 2021. KPMG has thoroughly evaluated the potential of vxFRMS and has placed their confidence in the system.
The awards gala was held under the patronage of chief guest Ali Ezzatyar, the Acting Deputy Mission Director for USAID Sri Lanka and Maldives. Addressing the evening’s winners, SLASSCOM Chairperson Sandra De Zoysa said, “SLASSCOM has always fostered innovation and entrepreneurship which has been key drivers of the IT/BPM industry. This event therefore is all about honouring the hard work done by the innovators and entrepreneurs of our nation. This recognition is one that you can be proud of and showcase to your clients and investors as a testament of your achievements.”
“We are honored that SLASSCOM has recognized the value vxFRMS delivers to our clients,” said Theekshana Kumara, CEO, VizuaMatix. “We are happy to see our hard work getting this much-needed recognition. It’s tremendous validation of our vision, which is to consistently deliver new value to customers through advanced, enterprise-ready analytics and innovative technologies that drive tangible business growth.”