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Wipro Infotech, the India and West Asian IT business of the USD 5 billion Wipro Ltd, has won a turnkey project from the Financial Intelligence Unit, India (FIU-IND) of the Union Ministry of Finance. A Wipro Infotech statement says that the company will implement the FINnet (Financial Intelligence Network) project for FIU-IND. With this project, the government intends to use technology for bringing efficiency into analysis of data. The project’s scope of services include development of a portal, datawarehousing, deduplication, analytical application and ERP implementation at the data centre, besides a disaster recovery site.
The FINnet project is expected to significantly enhance FIU-IND’s capabilities to collect financial information from various reporting entities, analyse it and disseminate actionable information to various law enforcement and intelligence agencies. The project is scheduled for completion in 24 months in different phases with a further service period of 36 months, Wipro Infotech said.
The Financial Intelligence Network (FINNet) will be connected FIUs of other countries and also to other departments like CBI, Income Tax and all banks in the country. Insurance companies and non banking financial institutions will also be mandated to report all irregular financial behaviour of consumers in the network.
“The FINNet implementation will bring in more effective governance from both the economic and security point of view,” Ranbir Singh, head, government vertical, Wipro Infotech said.
Wipro will implement FINnet, which will involve development of a portal, datawarehousing, analytical and business intelligence applications and ERP implementation for the FIU.
An inhouse data centre will also be set up along with a disaster recovery unit. The project is scheduled to be completed in 24 months in different phases with a further service period of 36 months.
Arun Goyal, director FIU India, said: “FINnet will enhance our capabilities to collect financial information, analyse it and disseminate actionable information to various law enforcement and intelligence agencies.”
The project assumes significance in the light of growing economic crimes within the country and the government’s efforts to arrest it.
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