FIS Launches First in a New Series of AI-Enabled Risk Solutions with C3 AI for Financial Services Industry
- Artificial Intelligence , Compliance
- 17.06.2021 10:25 am
Financial technology leader FIS® today announced the first in a new series of solutions developed in partnership with C3 AI (NYSE: 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. Designed to help capital markets firms fight the increasing 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,” said Nasser Khodri, Head of Capital Markets at FIS. “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.”
Recent research from the FIS Readiness Report shows that 78% of capital markets firms plan to invest in AI in 2021 to advance their strategic goals.
“We predict that AI will increasingly be a vital tool for capital markets firms in a wide range of use cases and applications,” said Sidhartha Dash, research director at Chartis Research. “AI has significant potential in the fight against financial crime through its ability to aggregate data and apply learnings from past events to automate decisioning. The technology also has great potential in streamlining workflows and cutting costs associated with onerous, manual data review processes.”
The FIS Compliance Hub provides a dashboard view where users can view reports and receive alerts as to 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,” said Ed Abbo, president and chief technical officer at C3 AI. “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.”
The partnership 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.
n development. Learn more at: www.c3.ai.