Combat financial crime | Microsoft at Sibos 2019


>>Combating financial crime is really a key topic for all
the financial institution. All the financial institutions
in the world are working on the digital transformation
journey and the payments transformation
is where they start with. Why? Because the world
is going real-time. When you talk about the
payments transformation, very closely linked to
payments is financial crime. So what do we mean really
by financial crime? Is everything that is around from the payment initiation up to the detection of an anomaly at
the end of the transaction. So onboarding of new clients, filtering of transaction, transaction monitoring,
and fraud detection. [MUSIC]>>There is many legacy systems
out there that have been in place for decades and the
technology has really moved on. We have machine learning
algorithms that are really advanced, AI
scoring methodology. It’s really important for banks to
invest in the right technology, to make sure it’s up to date. They deploy the right strategies within that technology
and investing in the right partner that
can really help them drive down their fraud problems, fraud losses and help
mitigate financial crime. [MUSIC]>>The opportunities
that we’re working with our partners on now is to really understand the trends
of financial crime. We have a very sophisticated
way of looking at data with our machine learning and AI supervised and
unsupervised technologies, to look at data patterns in
different ways to recognize formats by regulatory bodies or by rules of existing
systems that are in place. The partnership with Microsoft
specifically in the Azure, we’re very much a
Cloud-based solution. We’re working for a very
large organization that has global reach and we
find that the capacity, the flexibility to deploy
the analysis of the data, the vast amounts of data
that we’re profiling, works very well with us in getting very fast results back
to this organization. Where not only their financial
aspects of fraud are hitting them, but they’re very concerned
about a reputational risks. We can mitigate against that risk and we deliver
results accordingly. [MUSIC]>>In order to meet this financial crime challenges that the financial institution are facing, we’re working very closely together
with our partner ecosystem. In order to build a unique value
proposition for the banks, combining all the
assets that we have in our platforms in fraud
detection domain, in the transaction monitoring, the sanction feeding
or in the KYC area. Together we are compiling a very unique value proposition
in order to meet the challenges. [MUSIC]

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