Financial technology specialist FIS has launched the first in a series of AI-powered services designed to help clients manage regulatory and compliance risk.
Developed in partnership with enterprise AI company C3, the AML Compliance Hub aims to extend the ability of capital markets firms to combat risk of financial crime.
This uses AI modelling to aggregate and screen client data across multiple systems, including KYC and AML software, to improve threat identification and to reduce false positives.
FIS predicts in its latest Readiness Report that 78% of capital markets firms intend to invest in AI technology during 2021 to meet their strategic objectives.
“From cost savings, through AI-powered automation to enhanced decision making and analysis, AI offers promise for forward looking financial institutions that want to tap into their data for competitive advantage,” says FIS head of capital markets Nasser Khodri.
FIS says that the alliance with C3 AI is indicative of its commitment to partner with innovative companies to deliver disruptive new technologies to the market.
C3’s president and chief technical officer Ed Abbo says: “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.
“The FIS Compliance Hub can accurately prioritise and report suspicious activity, while reducing the number of false positives,” Abbo says, thereby enabling firms to focus on threats that require timely action.
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