Temenos Launches Self-Service Financial Crime Mitigation on Temenos Banking Cloud
New Temenos FCM SaaS enables banks to compose and manage financial crime mitigation in a secure and ever-evolving self-service platform
GENEVA, October 12, 2022–(BUSINESS WIRE)–Temenos (SIX: TEMN) today announced that it is the first to market with a SaaS offering that enables banks to manage financial crime prevention (FCM) with composable banking services on one platform. secure self-service, constantly evolving.
FCM as a service of Temenos provides predefined configurations aligned with global industry regulations. Now, with self-provisioning and automatic upgrades for rapid compliance and return on investment, banks can lower total cost of ownership and improve customer service.
Temenos FCM is used by over 300 banks, from global banks like UBS to regional banks, neobanks and digital-only banks like Flowe. Temenos CEO Navigator, a survey-based customer value benchmarking and advisory service, shows that Temenos customers using the FCM solution experience fewer false positives and increased risk and compliance. Additionally, these banks have a 92% faster customer onboarding time compared to banks that do not use Temenos FCM.
Temenos FCM, which uses patented Explainable AI (XAI), helps banks make smarter and faster decisions by quickly determining if an alert is genuine or not to improve accuracy and productivity. This flexible, fee-based solution scales elastically, ensuring high availability and performance for peak loads or anticipated growth. The service includes industry standard certifications covering risk, security and data privacy without the need for new IT infrastructure. In small and medium banks where the cost of FCM is disproportionately high, it can significantly increase profitability and reduce operational risk.
The FCM service can be used through Temenos Banking Cloud. Easy to deploy, the SaaS solution comes pre-integrated with Temenos’ core banking platform or with an API catalog for quick connection to any other third-party core.
Temenos’ banking service covers all financial crime mitigation needs, from sanctions screening and Politically Exposed Persons (PEP) matching to AML transaction monitoring, payment fraud mitigation and KYC client risk assessment. It delivers industry-leading levels of detection and false positive accuracy (less than 2% versus an industry average of 7%+), allowing banks to reduce overhead and costs while by providing a better customer experience. Banks that compose their FCM service on Temenos Banking Cloud can deploy the full or partial FCM solution to meet their immediate needs, and add features as their needs change, paying only for what they use.
Chuck Subrt, Director, Fraud and AML Practice, Aite-Novarica Group said: “With a growing number of threat vectors and increasingly stringent regulations, many legacy financial crime systems are struggling and may no longer be able to meet today’s demands. Many banks are investing in technology to address these challenges.A 2021 Aite-Novarica Group study indicated about two-thirds of institutions will increase their spending on AML technology.Thus, institutions are looking for offerings such as Temenos’ FCM SaaS solution that can offer on-investment while enabling compliance teams to meet global regulatory requirements.Flexibility and predictable cost are key considerations for banks, especially as volume and high false positive rates are a recurring issue. may be particularly relevant for medium and small banks where the cost of implementing and managing financial crime mitigation can be disproportionately high.
Adam Gable, Product Manager, Temenos, said: “Temenos FCM-as-a-Service is the first offering for banks to self-provision and use financial crime mitigation as a service. This flexible SaaS solution can help neo and challenger banks get to market faster and incumbent banks future-proof their financial position crime mitigation with an ever-evolving platform so they never need to upgrade again. is also particularly attractive to existing Temenos customers who want to move to the cloud. Fighting financial crime is becoming increasingly complex; with FCM-as-a-Service, banks can stay one step ahead of the threat – and never upgrade again.”
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Temenos (SIX: TEMN) is the world’s leading open platform for composable banking, creating opportunities for more than 1.2 billion people around the world every day. We serve more than 3000 banks, from the largest to challengers and community banks in more than 150 countries by helping them to create new banking services and customer experiences at the cutting edge of technology. Temenos’ open platform helps our top-performing clients achieve ROE three times the industry average and cost-to-income ratios two times lower than the industry average.
For more information, please visit www.temenos.com.
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JEssica Wolfe & Scott Rowe
Temenos Global Public Relations
Tel: +1 610 232 2793 & +44 20 7423 3857
Newgate Communications on behalf of Temenos
Tel: +44 20 7680 6550