Products

Temenos Financial Crime Mitigation

Covering watchlist screening, anti-money laundering, fraud prevention and KYC, our uniquely flexible range of intelligent and versatile solutions enhance detection and reduce cost.

Used by over 300 banks globally (from the global tier 1 to smaller regional Fis), Temenos’ Financial Crime Mitigation (FCM) product family enables banks and FI’s to avoid regulatory fines, detect fraud and mitigate reputational risks whilst improving throughput and optimizing TCO all in line with the banks’ Risk Based Approach.

FCM can be deployed in its entirety or partially to cover only specific business needs. Customers can then add capability as these needs change or evolve.

Why Temenos Financial Crime Mitigation

Industry Leading Levels of Detection Accuracy and False Positives

Industry leading false positive levels (Screen): sophisticated algorithms, smart contextual whitelists and robotic process automation, dramatically reduce overheads and costs. Record hit rate evaluation: clients report double their hit evaluation efficiency (a 250% increase while head count is up only 30%). Efficiency through AI: Proven combination of algorithms rules and Artificial Intelligence

Financial Crime - Olympic Swimmer

World-Class Performance & Resilience

High performance: Vertical and horizontal scalability ensure FCM delivers exceptional performance together with the highest possible availability. A trusted, fast, and resilient solution, handling exceptional high volumes of transactions and throughput in the industry, the solution is relied upon from small financial institutions to very large banks.

Proven Behavioral Analytics, algorithms and AI combination

Based on key metrics such as income, spending patterns, and transaction types, a unique financial fingerprint or “DNA” is assigned to each customer. Together with prebuilt typologies and self-learning algorithms, this enables identification of both usual and unusual behavior.

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Enterprise-Wide Solution

Complete solution: for all financial crime mitigation needs from watch-list screening, KYC, anti-money laundering, and fraud prevention. FCM employs a risk-based approach monitoring ongoing transactions for continual risk assessment, thus enabling financial institutions to focus their effort and resources where most needed. Award winning: #1 best-selling compliance and risk management system (IBS Intelligence Sales League Table 2019). Leading FCM solution: as highlighted by IDC, Ovum & KapronAsia analyst review reports

Flexible and Configurable

A flexible and configurable solution that is fit for institutions of all sizes in all regions, can run on-premises and in the cloud to achieve cheaper implementation efforts and greater efficiencies. Using highly configurable business rules, it allows coverage of specific regional requirements and can easily connect at any core banking system, offering the quickest implementation time in the market.

Running through field with toy

Easy to Deploy, Supporting Gradual Adoption and Migration

Based on pre-built models that are configurable to an individual bank or FI’s needs, FCM offers fast implementation with low impact installation, and the option to install only those components needed. The phased implementation allows gradual adoption and migration at any level. Additional specialist consultancy services available provided by Temenos Professional Services for Risk Based Approach guidance on AML, Sanctions and KYC best practice.

Enhanced User Productivity With Workflow Management

Configurable workflow management drastically reduces the total cost of ownership by providing highly efficient tools like case management, alert management, and report builder. This fully flexible solution satisfies all the operational needs of any FI.

Technology

Using the most advanced cloud native, cloud-agnostic and API-first technologies, FCM can be deployed on-premise, in private or public cloud or delivered as a service (SaaS).

Measurable Success

2+ MILLION

Transactions per hour

15+

Years of proprietary data enhances detection with banks, cities and country lexicons

50+

Reduces bank’s TCO

< 2.5%

False positive rates

Product Overview

A single product family designed to mitigate the full range of financial crime activities and support all user functions including alert management, case management, reporting and dashboards.

Componentized, the product can be deployed in its entirety or partially to cover only specific business needs. Customers can then add capability as these needs change or evolve.

Fraud Detection – Suspicious Activity Prevention

S.A.P. uses a combination of sophisticated algorithms and expert business rules to block suspicious transactions based on real-time behavioral analysis. In this way it allows clients to identify in real-time fraudulent transactions as they occur. It uniquely builds user and customer profiles to detect and stop suspicious transactions. Looking at attributes such as balance, frequency, transaction amount, currency, and transaction type parameters can be combined and compared to “usual behavior” or predefined patterns.

The Peer Group Identifier (PGI) extends SAPs’ capabilities, by providing of a comparison of a customer’s activity to other customers who under normal circumstances provide a similar financial activity footprint, allowing banks to focus the detection and investigation efforts on the highest risk transactions. Once deployed, PGI provides a comparison of customer behaviour to that of their peers, or a time-based comparison of overall peer group behaviour. Therefore enhancing detection and improved alert quality.

Anti-Money Laundering – Profile

Profile is a pre-packaged anti-money laundering solution that provides web-enabled, end-to-end customer profiling and transaction monitoring which easily integrates into any core-banking platform. Full control is also ensured through flexible configuration as well as packaged report generation templates and customized reporting reduces data mining costs. Profile’s processing and detection engines are accurate, fast, easy to configure, and simple to use. It ensures clarity through comprehensive dashboards and reports.

The Peer Group Identifier (PGI) extends Profiles’ risk based approach capabilities, by providing of a comparison of a customer’s activity to other customers who under normal circumstances provide a similar financial activity footprint. Once deployed, PGI provides a comparison of customer behaviour to that of their peers, or a time-based comparison of overall peer group behaviour, therefore enhancing detection and improved alert quality.

Watchlist Screening – Screen

Using sophisticated algorithms, smart contextual whitelists, and robotic processes automation dramatically reduces overheads and costs by reducing “false positive” alerts. Screen protects your business by screening your customers and all types of transactions against watch lists (including sanctions). Its versatile, risk-based approach integrates lists from various sources; public, commercial or private applying geographical and business rules. Sophisticated algorithms and highly effective scanning methods deliver the lowest rate of “false positive” alerts in the industry without compromising your detection accuracy. Screen’s flexible workflow framework allows you to define roles/access rights, context-based validation and 2, 3 or any number of review steps (including 4-eye) with the objective of operator productivity and accuracy. Screen provides additional complementary features such as sophisticated wizards to further reduce false positives; a comprehensive solution for all your screening needs.

KYC & EDD – KnowCustomer Plus (KC+)

KC+ is a risk-based solution that allows banks to formalize information and calculate risk based on customer attributes. KC+ allows banks to formalize customers’ information according to their risk profile. At the account opening process, but also during the entire customer life cycle, KYC workflow builder is using configurable dynamic forms to enable tailored questions to each specific profile. More thorough and advanced than standard KYC (Know Your Customer) solution it uses a detailed matrix including the status, range, and counts to calculate the risk based on customer’s attributes. The system offers the ability to add search criteria filters or create, amend or delete assessments. It uses advanced and fully configurable algorithms to calculate compliance risk scores of new and existing customers based on the customer profile. In this way, the system provides greater flexibility, accuracy, and control.

Alert Manager

Achieves ultimate productivity through fast and intuitive design with 360-degree visibility and optimized user journeys.

Case Manager

Provides full end-to-end and holistic oversight, enabled through rapid follow up of suspicious incidents within a single repository.

Interface Module

Ensures seamless, easy and efficient integration with any core banking or payment system

Watchlist Manager

Ensures the ultimate in detection capabilities through smart enrichments of public watchlist entries and the creation and maintenance of private watchlists.

Reporting Tools

Allows complete flexibility through an entirely configurable report engine for the full design, generation and scheduling of reports along with a set of pre-defined templates.

Automated Alert Evaluation Module

Limits investigator workloads by reducing time spent on initial triage of alerts by suggesting the next best action (discard or send to review) or automating that process based upon risk based approach and learning from previous investigation outcomes.

Dashboards

Enables a cockpit view through graphical summaries to measure and govern module efficiency and effectiveness based on a variety of specified criteria.

Auditing Tools

It offers full transparency and auditability by recording and monitoring all actions and activity while providing thorough analysis at all stages.

Workflow Manager

Full user empowerment through customizable workflow manager tools that can be easily adapted to local requirements as well as one step role and access right control.

Peer Group Identifier

Builds a “Financial DNA” fingerprint of each customer using AI capabilities, and then clusters each customer into a relevant peer group of “customers like me”. These peer groups use all the transactions of relevant financial behaviours, of all the customers in the peer group to support the comparison of their individual financial behaviour with those of the relevant peer group customers, to identify abnormal transaction(s).

Risk-Based Approach in Financial Crime

Managing risks is the supreme discipline in banking.

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Customer Success

ABN AMRO – Success Story

Temenos has supported ABN AMRO every step of the way providing solutions for international corporate banking, private banking, and global international payments.

Bank of Ireland – Success Story

It may be the oldest of the ‘Big Four’ Irish banks, but Bank of Ireland is constantly striving to innovate to ensure that it can defend its position from new…

Grasshopper Bank – Success Story

If you could build a bank from scratch, what would you do differently to established players? This question sparked the idea for Grasshopper Bank—the first 100 percent digital commercial bank in the U.S. Targeting the booming innovation ecosystem, Grasshopper Bank aims to offer anytime, anywhere banking services to born-online start-ups and technology companies.

“Within the last two years using the tools from Temenos, we were able to reduce our TCO by approximately 50%, following a major project to identify our cost-saving potential by identifying gaps, centralizing as much as we could and making use of our economies of scale.”

Peter Haener, Head of AML Monitoring and Surveillance Compliance – UBS
read success story

You’re in Good Company

Video

Varo Bank – Video Testimonial

Temenos’ innovative solutions and cloud technology allow Varo to put products in the market very quickly and support its hyper efficient cost model to pass real value back to their consumers.

Video

Explaining Explainable AI in Financial Crime Mitigation

According to a global survey conducted by the Economist Intelligence Unit (EIU) on behalf of Temenos, two-thirds of banking executives believe that new technologies such as AI, machine learning will continue to have the greatest impact on the global banking sector in the next five years. AI can deliver huge benefits in financial services, particularly in the area of combatting financial crime and assisting with alert evaluation where it can deliver a significant return on investment. In acknowledgment of this, regulators are encouraging innovation, including harnessing new technologies, however, with caution that decisions need to be explainable and auditable. Join Professor in AI Hani Hagras, and Adam Gable in this session to learn why there does not need to be a trade-off between the accuracy of predictions and the ability to explain them. Find out how you can use Temenos Financial Crime Mitigation as a “plug in” service to offer real-time fraud, AML and sanctions screening to your payment and product offerings, helping you to better protect your organization in the digital age and reduce timely and costly overheads, powered by Temenos’ industry-leading Explainable AI platform.

Webinar

Scaling Digital Banking Channels for Growth – Securely

Join Peter DeMars, CFE UMB Bank, Adam Miller, Temenos and Matt Johnson, TransUnion as they discuss growing consumer expectations for seamless and safe transactions through digital channels amid the recent COVID-19 pandemic and how financial institutions are rising to the challenge.

Temenos Platform

Cloud-Native, Cloud-Agnostic

Lower costs with the elastic scalability, security, and control you need to shape your business.

APIs & Extensibility

Innovate faster with access to over 700 open APIs in the largest FinTech ecosystem.

Microservices & Containers

Microservice architectures enable continuous application upgrades and cloud scalability.

Distributed Database

Achieve true horizontal scalability in the database layer and operate on an active-active basis across multi-cloud.

Temenos Continuous Deployment – DevOps

Reduce cost and shorten software release cycles – code in the morning, deploy in the afternoon.

Security & Immutable Logging

Protect your bank from modern digital threats with the highest levels of security.

AI & Machine Learning

Explainable AI enables transparency into automated decisions and provides intelligent banking by growing revenues, cutting costs and enhancing the customer experience.

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Join us in Liverpool at the BSA Annual Conference in 2021 to meet our experts and discover how Temenos is helping clients around the globe take on some of the industry’s biggest challenges and opportunities

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