Temenos, the banking software company, has expanded its financial crime mitigation product to include an AI-based Suspicious Activity Prevention solution.
The demand for financial compliance and the increasing levels of financial crime are putting huge pressure on banks. With an increase in challenges, banks are facing greater reputational risk, growing fines and loss to fraud, as well as spiraling costs.
Temenos Financial Crime Mitigation (FCM) product claims it is able to offer banks the ‘lowest levels of false positives in the industry while also reducing banks total cost of ownership (TCO) by approximately 50%.
Through the use of filtering techniques and advanced analytic capabilities the Temenos FCM product range has helped over 100 clients globally upgrade their capabilities, reduce their manual processes and meet their clients’ expectations of rapid digital banking services.
Its new Suspicious Activity Prevention capability enhances the Temenos Financial Crime Mitigation product which includes surveillance and analytical capabilities, sanctions screening, anti-money laundering, enhanced due diligence (KYC) and now fraud.
The new solution uses a combination of AI-based, sophisticated, self-learning algorithms and expert business rules to block suspicious transactions based on real-time behavioural analysis, allowing clients to identify and trap fraudulent and money laundering transactions as they occur. It uniquely builds customer profiles to detect and stop suspicious transactions that deviate from normal and expected behaviour.
Daniel Mayo, chief analyst, Financial Services Technology, Ovum, said: “Temenos has a strong specialism in services related to anti-financial crime, particularly in compliance and customer screening and is top-ranking in KYC/CDD and AML capabilities.
“The FCM product family has been designed to be highly configurable to work with multiple modern and legacy back-end systems, with transaction and alert data processed in real time. Temenos provides a specialist offering, evidenced with a strong market position, and should be considered by financial institutions looking to review their financial crime solutions.”
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
