FIS unveils AML Compliance Hub with C3 AI, a new series of AI-enabled risk solutions
By Pavithra R
Financial service technology provider FIS has announced the first in a new series of solutions developed in partnership with C3 AI to help capital markets firms tap into the power of their organizational data to increase efficiency and better manage regulatory compliance and risk.
The AML Compliance Hub leverages C3 AI’s advanced machine learning technology, combined with the deep financial industry domain expertise of FIS, to dramatically improve the efficiency of financial crime detection. The solution is designed to help capital markets firms fight the escalating threat of financial crime, the machine learning-based platform aggregates and analyzes client data across disparate systems to enhance AML and KYC processes, improving decision-making and reducing false-positive alerts.
“As an early adopter of AI technology in our solutions, FIS is accelerating our investment in machine learning to help our clients better take advantage of the vast amount of structured and unstructured data within their systems. From cost savings through AI-powered automation to enhanced decisioning and analysis, AI offers great promise for forward-looking financial institutions that want to tap into their data for competitive advantage,” said Nasser Khodri, Head of Capital Markets at FIS.
The FIS Compliance Hub provides a dashboard view where users can view reports and receive alerts to identify key risk drivers, suspicious activity, and AML scoring. By reducing false positives, organizations can focus on true threats that require dedicated attention and timely action.
“Money laundering and other illegal activities are dynamic, fast-moving challenges for the financial services sector, and the data necessary to identify financial crimes are segregated across numerous disparate systems. Existing rules-based detection systems generate an excessive stream of false positives that require costly and inefficient manual review and increase the risk of missed investigations. By leveraging C3 AI’s advanced capabilities to unify and analyze all relevant data using machine learning, The FIS AML Compliance Hub is a next-gen solution that can accurately identify, prioritize, and report suspicious activity, while simultaneously reducing the number of false positives,” said Ed Abbo, president and chief technical officer at C3 AI.
Established in 1968, FIS is a provider of technology solutions for merchants, banks, and capital markets firms globally. It is a Fortune 500 company and is a member of Standard & Poor’s 500 Index. The collaboration with C3 AI is reflective of FIS’ focus on partnering with innovative companies to accelerate its ability to deliver disruptive new technologies and solutions into the market.
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