back Back

Temenos enables banks to manage financial crime mitigation

By Leandra Monteiro

October 12, 2022

  • AML
  • FCM
  • FCM-as-a-Service
Share

temenos, financial crime mitigation, FCMTemenos recently announced that it is the first to market with a SaaS offering that enables banks to manage financial crime mitigation (FCM) with composable banking services on a secure, continually evolving, self-service platform.

Temenos’ FCM-as-a-Service delivers pre-built configurations aligned to global industry regulations. Now with self-provisioning and automatic upgrades for fast compliance and time to value, banks can achieve lower total cost of ownership and improved customer service.

Temenos FCM is used by over 300 banks from global tier ones such as UBS to regional banks, neobanks and digital-only banks such as Flowe. Temenos CEO Navigator, a survey-based customer value benchmarking and advisory service, shows that its clients using the FCM solution, benefit from lower false positives, and increased risk and compliance efficiency. Furthermore, these banks have 92% faster client onboarding time compared to banks that are not using Temenos FCM.

Temenos FCM, which uses patented Explainable AI (XAI), helps banks make smarter, faster decisions by quickly determining if an alert is genuine or not to improve accuracy and productivity. This flexible, pay-as-you-go solution, scales elastically, guaranteeing high availability and performance for peak loads or anticipated growth. The service includes industry standard certifications spanning risk, security and data privacy without the need for new IT infrastructure. At small and mid-size banks where the cost of FCM is disproportionately high, this can significantly boost profitability and reduce operational risk.

The FCM service can be consumed through the Temenos Banking Cloud. Easy to deploy, the SaaS solution comes pre-integrated with its core banking platform or with an API catalogue for fast connection to any other third-party core.

The Temenos banking service covers all financial crime mitigation needs from sanction screening and Politically Exposed Person (PEP) matching to AML transaction monitoring, payment fraud mitigation and KYC customer risk assessment. It delivers industry-leading levels of detection accuracy and false positives (under 2% vs industry average of 7% and above), enabling banks to reduce overheads and costs while delivering a better customer experience.  Banks composing their FCM service on Temenos Banking Cloud can deploy the complete FCM solution or in parts to meet their immediate needs, and add on capabilities as their needs change, paying only for what they use.

Adam Gable, Product Director, Temenos, said, “Temenos FCM-as-a-Service is the first offering where banks can self-provision and consume financial crime mitigation as a service. This flexible SaaS solution can help neo and challenger banks get to market faster and incumbent banks to future proof their financial crime mitigation with a continually evolving platform so they never need to upgrade again. FCM as-a-service is also particularly attractive to existing Temenos clients who wish to move to the cloud. Tackling financial crime is growing ever more complex; with FCM-as-a-Service, banks can stay ahead of the threat – and never upgrade again.”

Previous Article

October 12, 2022

5 leading Islamic finance banks in the Kingdom of Bahrain

Read More
Next Article

October 12, 2022

Verto and ForexPeople partner to transform cross border B2B payments

Read More








IBSi Daily News Analysis

Cybersecurity, financial services

May 17, 2024

AML

Most of KSA organizations uses AI in their cybersecurity strategies, study shows

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

May 17, 2024

Niyogin acquires ‘Superscan’ from Orbo.ai to propel AI-led neo-banking

Read More

May 17, 2024

INSTANDA & UnderwriteMe team to transform life insurance with no-code tech

Read More

May 17, 2024

M&T Bank taps nCino & Rich Data Co. to manage credit risk and loan performance

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023