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Temenos launches Peer Group Identifier for financial crime mitigation

Adam Gable, Product Director, Financial Crime Mitigation Treasury and Risk, Temenos

Temenos has announced the release of its AI-powered financial profiling tool, Temenos Peer Group Identifier, in a bid to assist banks in enhancing their customer experience through the prioritization of their crime detection efforts on risky transactions. The new tool is expected to strengthen the the supplier’s Financial Crime Mitigation (FCM) product that covers watch-list screening, anti-money laundering, fraud prevention, and KYC, delivering industry-leading levels of detection and false positives.

Adam Gable, Product Director – Financial Crime Mitigation Treasury and Risk, Temenos said, “Temenos Peer Group Identifier provides high protection without unnecessary interruptions and inconvenience to customers. Through the use of AI and machine learning, we enable banks to derive highly valuable insights, which simply wouldn’t be possible with conventional techniques. I’m excited about what this delivers to banks and ultimately their customers in terms of protection, and convenience. Temenos FCM is the most complete financial crime prevention solution covering a multitude of scenarios from AML to fraud detection.”

According to the supplier, the financial profiling tool will utilize statistical analysis and machine learning for the assessment of data, thereby facilitating the formation of a unique financial ‘DNA’ for each user. It groups similar ‘DNA’ customers into peer groups on the basis of their income flows, transaction types, as well as the data set maintained in the FCM solution. This process, as the supplier states, allows banks to target higher-risk groups while reducing the required level of verification from low-risk customers.

The new product has been developed in collaboration with Washington-based Microsoft AI and Temenos‘ AI Centre of Excellence.

Recently, Scottish business venture AlbaCo Limited selected Temenos‘ core banking solution in a bid to receive support on its challenger bank launch in the UK. The neobank selected the supplier’s Infinity, T24 Transact and the Advanced Analytics and Payments module.

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