With C3 AI for the financial services industry, FIS is introducing the first of a new series of AI-enabled risk solutions
JACKSONVILLE, Florida – (BUSINESS WIRE) – FIS financial technology leader® (NYSE: FIS).
The AML Compliance Hub leverages C3 AI’s advanced machine learning technology combined with FIS’s extensive expertise in the financial industry to dramatically improve the efficiency of financial crime detection. The machine learning-based platform was developed to help capital market companies fight the growing threat of financial crime. It aggregates and analyzes customer data across different systems to improve AML and KYC processes, improve decision-making and reduce false positive warnings.
“As an early adopter of AI technology in our solutions, FIS is accelerating our investment in machine learning to help our customers make better use of the vast amount of structured and unstructured data in their systems, ”said Nasser Khodri, Head of Capital Markets at FIS . “From cost savings and AI-assisted automation to improved decision-making and analysis, AI offers promising opportunities for future-oriented financial institutions that want to use their data for a competitive advantage. ”
The latest research by the FIS Readiness Report shows that 78% of capital market companies want to invest in AI in 2021 in order to achieve their strategic goals.
“We anticipate that AI will become an increasingly important tool for capital markets companies in a variety of use cases and applications, ”said Sidhartha Dash, Research Director at Chartis Research. “AI has significant potential in the fight against financial crime because it can aggregate data and apply insights from past events to automate decisions. The technology also has great potential to streamline workflows and reduce costs associated with tedious, manual data review processes. ”
The FIS Compliance Hub provides a dashboard view where users can view reports and receive alerts about key risk drivers, suspicious activity, and AML scoring. By reducing false positives, organizations can focus on real threats that require special attention and timely action.
“Money laundering and other illegal activities are dynamic, fast-paced challenges for the financial services sector, and the data needed to identify financial crime is spread across a wide variety of systems, ”said Ed Abbo, president and chief technical officer, C3 AI. “Existing rule-based detection systems generate an excessive stream of false positives that require costly and inefficient manual review and increase the risk of missed exams. By leveraging the advanced features of C3 AI to standardize and analyze all relevant data with machine learning, the FIS AML Compliance Hub is a next-generation solution that can accurately identify, prioritize and report suspicious activity while reducing the number of false positives. ”
The partnership with C3 AI reflects FIS ‘focus on partnering with innovative companies to accelerate its ability to bring breakthrough new technologies and solutions to market.
FIS is a leading provider of technology solutions for retailers, banks and capital markets companies worldwide. Our people are committed to advancing the way the world pays, banks, and invests by applying our size, in-depth expertise, and data-driven insight. We help our customers use technology in innovative ways to solve business critical challenges and deliver superior customer experiences. FIS, headquartered in Jacksonville, Florida, is a Fortune 500® company and a member of the Standard & Poor’s 500® Index. To learn more, visit www.fisglobal.com. Follow the FIS on Facebook, LinkedIn and Twitter (@FISGlobal).
About C3.ai, Inc.
C3.ai, Inc. (NYSE: AI) is a leading provider of enterprise AI software to accelerate digital transformation. C3 AI delivers a family of fully integrated products: C3 AI® Suite, an end-to-end platform for developing, deploying and operating large AI applications; C3 AI Applications, a portfolio of industry-specific SaaS AI applications; C3 AI CRM, a suite of industry-specific CRM applications for AI and machine learning; and C3 AI Ex Machina, a no-code AI solution for applying data science to everyday business problems. The core of the C3 AI offering is an open, model-driven AI architecture that drastically simplifies data science and application development. Find out more at: www.c3.ai.