Iris News April 2025
Expanding Capabilities and Collaboration
In this issue:
• Iris named a Leader in BFS IT Services by Everest Group
• Latest technology success stories
• Insights on App Modernization, Quality Engineering & Gen AI
• New development center in Pune, our third in India
• Updates on business awards and charitable giving
Iris News April 2025: Expanding Capabilities and Collaboration
Thank you for reading
Iris is proud to be recognized as a Leader in the inaugural Banking and Financial Services (BFS) IT Services Specialists PEAK Matrix® Assessment 2025 by Everest Group. This assessment is the first-ever for this category, and for Iris! We were evaluated along with 29 other BFS IT service providers on our market presence, value delivery, strategic vision, innovation, technical capabilities, functional knowledge, and buyer references. Read more
During our more than 30 years of growth in the BFS and other sectors, such as Insurance, Supply Chain, Manufacturing, Life Sciences, Professional, Education and Media Services, we've been a long-term partner in our clients' transformation journeys, helping to build, integrate and modernize complex platforms, systems, and applications.
When IT matters most, clients call upon Iris to provide mission-critical software engineering and advanced application development services across AI/Generative AI, Automation, Cloud, Data & Analytics, Integrations, DevOps and Quality Engineering.
We remain steadfast in our vision to be your most trusted technology partner and extend heartfelt thanks for your continued trust in our partnership.
Advanced technology solutions are driving major efficiencies and transformations across diverse industries. We are pleased to share four recent client success stories showing beneficial business results from applying Generative AI, Application Management, Automation, Data, and Integrations.
The enterprise risk function at a leading North American bank has launched a Generative AI (Gen AI) initiative to provide a variety of AI capabilities to users, including Document Intelligence, Summarization, Translation, Natural Language Interface to Reports and APIs, and more. The solution is being developed on AWS using AWS-approved services, such as Bedrock, with support from Cloud Engineering. After delivering a Minimum Viable Product (MVP) and thought leadership around the development of capabilities for a Gen AI platform, the team brought additional functional capabilities to users during the build. The platform is utilized by designated AI Masters (business team trained in Prompt Engineering and other relevant techniques) to rapidly assemble tailored AI and Gen AI capabilities to address the unique needs of different risk groups within the bank. This evolution is helping the bank transition from a bespoke project-centric approach to a robust Gen AI platform that supports a wide range of use cases, improving time-to-market and reducing TCO.
In the banking and financial services industry, digitized payments systems are expanding in markets around the world, driven by technology trends, consumer demand and regulatory requirements. For the U.S. operations of a global bank, we built a modernized core payments engine that seamlessly integrates with multiple, complex systems, providing faster implementation of functionalities for payment processors and a superior client experience resulting from a holistic view spanning transaction initiation, payment rails, and clearing. The new payments platform is ISO 20022-compliant and future-ready for processing and reporting needs.
A major U.S. manufacturer in the construction sector faced business interruptions involving critical applications across diverse tech stacks, and challenges in achieving the required 95%+ Service Level Agreement (SLA) compliance levels. A holistic approach to application management, incorporating a Generative AI-powered knowledge base, achieved seamless, 24/7 business continuity, 25% more system uptime, and 99% SLA compliance while adapting to seasonal and unpredictable demand.
A leading logistics and supply chain brokerage transformed their complex scheduling process with the deployment of 24/7 automated bots, replacing time-intensive manual tasks with seamless, efficient workflows that ensured accuracy. The results? Over 15,000 pick-up and delivery appointments scheduled monthly, a 50% boost in team productivity, plus enhanced customer satisfaction through reduced delays and detention charges.
Application modernization is a challenging process that encompasses a manual or semi-automatic refactoring approach to determine the impact and outcomes of upgrading, automating, and migrating to cloud. Key considerations are cross-platform compatibility, maintenance costs, support and security needs, performance, scalability, as well as talent/ skills constraints.Many critical enterprise applications are written using the Java ecosystem. Often legacy in nature, they utilize old versions of Java and popular frameworks like Spring Boot or Spring Framework. With many of these apps at or nearing end of life, organizations are evaluating and/or upgrading to newer versions.
Iris iRenew is a structured methodology for modernizing legacy applications in a semi-automated fashion. Our approach involves a combination of open-source tools, processes, and expertise in application migration. It provides automation-driven efficiency, with gains of 36-39%, by automating parts of discovery, refactoring, and testing. Major benefits are faster time-to-market, cost savings, and better consistency, quality, and planning.
Read our Perspective Paper, a step-by-step playbook for successfully moving from legacy to modernized code.
With the availability of various AI coding assistants, the process of generating, analyzing and explaining code has become easier. Software engineering, however, is more than just churning out code; it is a complex endeavor involving individuals working within teams in different roles (e.g. Business Analyst vs. Architect vs. Developer vs. Tester, etc.), using different tooling and producing various artifacts to deliver complex software solutions to businesses and clients. Integrating these different tools through a combination of GenAI software engineering extensions and services will help streamline the flow of artifacts through the lifecycle, formalize the hand-off reviews, enable automated derivation of initial versions of related artifacts, etc. This will result in higher productivity, quality, agility, and faster-time-to-market across the software engineering lifecycle. Learn more about extending GenAI in software engineering beyond AI coding assistants in our detailed Perspective Paper.
Surging interest in Real-world Asset (RWA) tokens in the global financial markets shows the need for technology teams developing blockchain solutions and business users exploring use cases to create stable and scalable systems that seamlessly work with disparate, traditional financial systems. Generative AI is set to play a pivotal role in addressing the numerous challenges and improving the adoption of asset tokenization, especially on DLT-based platforms, by contributing to the different phases of its implementation. From smart contracts to market analysis, to compliance and customer support, GenAI can play a crucial role in transforming how assets are tokenized and managed on blockchain networks, and in turn, enable financial institutions to achieve unprecedented levels of efficiency, accuracy and innovation. Read our multi-step roadmap on using GenAI to implement and benefit from asset tokenization in our new Perspective Paper.
Quality engineering has transformed the approach to software quality. With the advent of Agile and DevOps methodologies, the need for continuous testing and early defect-detection became apparent. QE goes beyond Quality Assurance and Test Automation to proactively integrate quality practices throughout the Software Development Lifecycle. It also addresses complexities in modern architecture, such as microservices and cloud environments. To learn more about holistic approaches to quality in modern architecture, read our Perspective Paper on the Evolution of QE.
Productionizing Generative AI Pilots
Gen AI-powered conversational assistant strengthens AML product assurance
How Gen AI summarization aids lending app users
Reduce crop insurance underwriting cycle time using Gen AI
How Gen AI is helping create user-friendly API chat interfaces
We’re pleased to announce the grand opening of our state-of-the-art, fully certified development center in Pune, India. With capacity to house multiple secure zones and hundreds of advanced technology professionals, the new facility mainly and will support our growing client and project base in the banking and financial services sectors. This development center is our third in India, joining those in Noida and Gurugram. We look forward to operating the Pune site to foster innovation, collaboration and growth, and exceptional experiences for employees and clients.
Iris is proud to be recognized as a great employer, earning prestigious, recurring honors that reflect our positive culture and employee satisfaction. Since Iris teams operate as extensions of our clients’ teams, our successes translate into better performance and outcomes for clients.In the last several months, we were certified as a Great Place to Work (GPTW) in the U.S. and Canada, the second consecutive year for each, and won two best workplace awards in India: Top 50 IT & IT-BPM Workplaces for the third year in a row and Top 100 Best Workplace for Women for the second straight year. These are in addition to our GPTW certification in India earned for four straight years through 2024.
Iris is committed to giving back to society by participating in and/or donating to various charitable and community welfare initiatives. Following are snapshots of our latest activities that we were pleased to sponsor or support in collaboration with valued clients.
As a sponsor of the 28th annual event and one of the largest participating teams, Iris and friends joined in bicycling, running and walking events in Austin, TX to raise funds for cancer patient care.
Iris co-sponsored a fundraiser in New York City featuring Dr. Fareed Zakaria, author and cable program host, in support of FOSM’s charitable initiatives assisting rural areas in India.
Irisians supported sponsoring companies and joined their teams in Alpharetta, GA; Austin, TX; and Roseland, NJ to help raise awareness and funds for cardiovascular health programs.
