Mphasis has partnered with BAE Systems to provide fraud and money laundering detection capabilities to financial services industry.
The partnership will form a Centre of Excellence (CoE), a virtual team created to deliver BAE Systems’ anti-money laundering and fraud detection and prevention solution, NetReveal.
Mphasis said it will utilise their global delivery capability to help implement the technology to banking, financial services and insurance organisations.
Due the increasing rise of financial fraud, this CoE aims to allow clients leverage BAE system’s financial crime products driven by Artificial Intelligence (AI) and Machine Learning (ML) combined with Mphasis domain-specific service offering.
The Center of Excellence will work to deliver key elements of NetReveal, with BAE Systems providing AI driven fraud detection covering entire the Financial Crimes for BFSI clients globally.
Sanjay Samuel, MD Financial Services, BAE Systems Applied Intelligence, said: “Fraud is growing at a rapid pace. New regulations, new channels and demand for seamless customer experiences present a unique challenge for each organisation. A new approach is needed, one that marries advanced analytics and machine learning with human intuition, the solution is NetReveal.
“By partnering with Mphasis, we will be able to reach more customers who will benefit from their domain expertise and technology, whilst continuing to reap the benefit of our market leading solutions and in-depth knowledge of the financial crime domain.”
Mphasis provides its solutions to a range of industries including banking and capital, insurance, property & casualty, life & retirement, health, communications, energy and utilities, healthcare, life sciences, logistics, manufacturing, and travel and transportation.
For Banking & capital it serves retail banking, credit cards & payments, mortgage, wealth management & brokerage, corporate banking, investment banking, and asset management. Its solutions include KYC, fraud, client screening, AML, and client screening.
Nitin Rakesh, CEO and executive director of Mphasis, said: “While financial crime has been there since the beginning of the financial services industry; the evolution of criminals and their ability to use technology to disrupt economies is a bigger threat than ever.
“This Centre of Excellence in partnership with BAE Systems will bring together the best of both worlds to keep financial organisations safer, globally raising the bar for the security of financial systems.”
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