Temenos has expanded its financial crime mitigation product to include an AI-based suspicious activity prevention solution protecting banks and their customers from fraud.
The banking software company said that demand for financial compliance and the increasing levels of financial crime were putting huge pressure on banks.
The new suspicious activity prevention capability further enhances Temenos' financial crime mitigation (FCM) product, which includes surveillance and analytical capabilities, sanctions screening, anti-money laundering, enhanced due diligence (KYC) and now fraud.
The new module uses a combination of AI-based, 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 also builds customer profiles to spot and stop suspicious transactions that deviate from normal and expected behaviour.
“We are proud to be helping over 100 clients globally to tackle their financial crime, compliance and screening needs,” said Adam Gable, product director for financial crime mitigation, treasury and risk at Temenos.
“Our financial crime mitigation product is a complete solution offering banks an unparalleled line of defence across all channels allowing them to not only avoid regulatory fines, detect fraud and mitigate reputations risks, but also give our clients the confidence to bring new and innovative products to market through multiple channels.”
SIGN UP TO OUR NEWSLETTER TO RECEIVE MORE NEWS LIKE THIS STORY
STB introduces 90% LTV mortgages to core range
Secure Trust Bank Mortgages has added 90% LTV products to its core range...
Revolut nears 3 million users
Revolut has announced that it tripled its user numbers in 2017 from 450,000 to 1.3 million...
Arbuthnot provides working capital facility to shower company
Arbuthnot Commercial Asset Based Lending (ABL) has provided a working capital facility to Majestic Shower Company...
Metro Bank names new NED
Metro Bank has announced the appointment of Catherine Brown as an independent non-executive director...
FP Show confirms Zopa co-founder as keynote speaker
James Alexander, co-founder and former CEO at Zopa (pictured above), has been named as the keynote speaker at the forthcoming Finance Professional Show...
Metro Bank provides £4m invoice finance line to healthcare business
Metro Bank has provided a £4m invoice finance line to medical insourcing specialist 18 Week Support Group...
Modulr to create over 30 new jobs in Scotland
Modulr has completed its latest funding round led by digital venture builder Blenheim Chalcot, which takes the latter’s total investment in the payments fintech to £10.5m...
Specialist banks answer need for products that ‘reflect the reality of today’s society’
Better service and products are the main reasons why a broker would use a specialist bank, according to the latest poll by Specialist Banking...
Leeds Building Society cuts rate on retirement interest-only mortgage
Leeds Building Society has reduced its five-year fixed rate on its retirement interest-only mortgage...
60% of people want to know where their money is invested
Six out of 10 people (60%) want to know where their money is invested, according to the latest research published by Charity Bank...
Why commercial banks are in danger of being left behind
Harnessing a customer-first, technology-led approach, retail banks are paving the way with innovation...