Technology leader FIS® (NYSE: FIS) announced today that it is teaming with FICO®, a leader in predictive analytics and financial crime prevention, to build an advanced anti-money laundering (AML) solution that will help North American financial institutions keep ahead of increasingly sophisticated money launderers and other financial criminals.
Money laundering is a growing problem around the world. In the U.S. alone, domestic financial crime generates an estimated $300 billion of proceeds for laundering activities, according to the U.S. Department of Treasury.1
The new solution, FIS™ AML Compliance Manager, will integrate FICO® Falcon® X decision management technology to provide financial institutions with a unified platform for AML risk and compliance. The cloud-based solution will use machine learning and artificial intelligence (AI) to detect suspicious activity and provide bank investigators with detailed, transparent intelligence.
In addition to providing greater intelligence and transparency to financial institutions in meeting regulatory compliance requirements, the AI-based solution can help organizations reduce costs associated with false positives. False positives – system-generated alerts of potential illicit activity that are later cleared during reviews – cost the financial industry a significant amount of wasted investigation time each year.
“FIS is committed to helping our clients stay one step ahead of financial criminals who are using increasingly sophisticated tools to try to hide illicit money activities through the U.S. financial system,” said Jim Johnson, head of Global Payments and Wealth at FIS. “By partnering with FICO, FIS is providing a leading-edge solution to automate routine tasks and reduce false positives that make AML compliance management so challenging, allowing employees to work more efficiently.”
“FICO is pleased to partner with FIS to offer best-in-class financial crime management technology to meet evolving needs of its clients,” said Doug Clare, Vice President of Financial Crimes Product Management at FICO. “With its sophisticated functionality and capabilities, FICO Falcon X provides organizations an advanced, comprehensive solution to detect and stop financial crimes more quickly as well as deliver world-class, digital customer experiences.”
FIS is a leading provider of technology solutions for merchants, banks and capital markets firms globally. Our more than 55,000 people are dedicated to advancing the way the world pays, banks and invests by applying our scale, deep expertise and data-driven insights. We help our clients use technology in innovative ways to solve business-critical challenges and deliver superior experiences for their customers. Headquartered in Jacksonville, Florida, FIS is a Fortune 500® company and is a member of Standard & Poor’s 500® Index. To learn more, visit www.fisglobal.com. Follow FIS on Facebook, LinkedIn and Twitter (@FISGlobal).