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Temenos partners with Microsoft for financial crime mitigation SaaS

Temenos has joined forces with Microsoft to enable access to its AI-driven Financial Crime Mitigation (FCM) Software-as-a-Service (SaaS) solution to help combat the surge in cybercrime during COVID-19.

The FCM product, based on Microsoft’s Azure cloud platform can be deployed within weeks and is designed to operate seamlessly while the banks’ employees are working remotely.

Unveiled at the annual Temenos Community Forum (TCF), the solution delivers financial crime protection including anti-money laundering, sanctions screening and fraud management.

Adam Gable, Product Director, Financial Crime, Treasury & Risk at Temenos, told IBS Intelligence that while all the elements are available as stand-alone products, they all feed into each other.

Adam Gable, Product Director, Temenos Financial Crime Mitigation

Adam Gable, Product Director, Financial Crime, Treasury & Risk at Temenos

“For example, if you’re doing KYC and risk scoring your customers, what you can do with that inherent risk is put the right protection notification, the right rules around it, so that those customer groups that are higher risk, get different treatment to those that present less risk and you know afford much less friction.”

During TCF, Temenos and Microsoft revealed that they have opened up access to the FCM solution, allowing banks to trial it for 14 days until 30 June. The trial includes system access and online tutorials, teaching users how to utilise the products in a revised operating landscape.

Gable noted that the launch is an acknowledgement of new cyber threats emerging during the pandemic, while on the other hand, banks are operating in a landscape where people are working from home.

“What we’re saying is that SaaS is a fast track to going live – customers have gone live in six to ten weeks, and because it’s cloud, you can scale up as the business grows.”

With financial crime mitigation, Gable continued, banks must ensure they do not process messages to sanctioned individuals or politically exposed people, that they are not party to money laundering, they must understand the inherent risk of counterparties and clients, perform KYC, risk scoring and monitoring. Furthermore, they need to protect customers against fraud and remain compliant.

“Regulators are promoting a risk-based approach, and it’s all about putting your effort in the right place from a financial crime perspective. That’s something we do really well, and this joined-up product family drives that. And in light of the COVID-19 pandemic, the regulators and the Financial Action Task Force are encouraging banks to lean on this framework, so that they put more effort in understanding where the risk is and then put the right mitigation effort on areas where the risk is higher,” Gable said.

Marianne Janik, Country General Manager, Microsoft Switzerland, said: “We have been pioneering with Temenos in the cloud for a decade. We are proud to join forces to help banks use the power of Temenos’ market-leading Financial Crime Mitigation solution based on our secure, scalable and resilient global Azure cloud platform to combat financial crime surge due to COVID-19.”

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