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
Gatehouse Bank closes £100m of commercial property finance
Gatehouse Bank’s commercial real estate team has completed £100m of finance for the first time this year...
Revolut granted European banking licence
Revolut has announced that it has secured its European banking licence...
Starling hires head of SME banking
Starling Bank has announced the appointment of Stuart Doignie as its head of SME banking...
Local brewery secures backing from Development Bank of Wales
The Development Bank of Wales has part-funded a £134,000 capital investment project by Wild Horse Brewing Company...
Metro Bank adds international payments to mobile app
Metro Bank has enhanced its mobile app with the introduction of international payments for its personal and business customers...
How digital technology can help high street banks innovate
As society moves more and more towards a digital future, the closure of retail bank and building society branches is anticipated to accelerate...
Mortgage Industry Collective releases charity single
A group of mortgage professionals have collaborated to release a Christmas charity single to raise money for End Youth Homelessness...
City of London Group appoints first NED for Recognise
City of London Group PLC (COLG) has named Simon Wainwright (pictured above) as the first non-executive director for its subsidiary Recognise Financial Services...
BBB names network director for North and Midlands
The British Business Bank (BBB) has appointed Geoff Whiteland as its new UK network director for the North of England and the Midlands...
Wyelands Bank completes ABL deal for stainless steel supplier
Wyelands Bank has completed a seven-figure, asset-based lending deal for AD Bird Stainless Limited...
Axis Bank names new MD and CEO
Axis Bank Ltd has announced that Shri Amitabh Chaudhry will become its new CEO and managing director...