Temenos and Microsoft partner on AI-driven Temenos Financial Crime Mitigation SaaS solution to help banks combat financial cybercrime

Temenos, the banking software company, has announced a joint effort with Microsoft to enable access to its AI-powered, Financial Crime Mitigation (FCM) SaaS solution to allow banks to protect both their customers and their organisation from financial crime increase during the ongoing COVID-19 pandemic, particularly as banks have moved to remote working to protect their staff.

AI-powered security solution

Temenos AI-powered, Financial Crime Mitigation SaaS solution based on Microsoft’s fast, scalable and secure Azure cloud platform can be deployed within weeks.

Temenos and Microsoft are opening up access to banks for a 14-day trial, available until 30 of June. As part of the collaboration with Microsoft, Temenos is offering system access and online tutorials for users to familiarise themselves with navigation of the system and learn how it can support them in a revised operating landscape.

Financial Crime Mitigation SaaS solution

Temenos FCM provides enterprise-wide financial crime protection for a highly regulated and fast-changing environment

Temenos is slated to exhibit the open access initiative of its FCM software at its event, Temenos Community Forum, slated to take place from Oct 20th to Oct 22nd, 2020 at the Dublin Convention Centre in Dublin, Ireland.

Temenos FCM provides enterprise-wide financial crime protection for a highly regulated and fast-changing environment. It allows banks’ operators to respond to alerts and collaborate with team members while working remotely.

Banking and financial security

Throughout the Covid-19 crisis, Temenos customers from Tier 1 banks to regional banks and neobanks have continued to benefit from Temenos FCM’s comprehensive coverage regardless of the fact that their teams are working remotely.

Financial regulators worldwide and organisations such as the European Central Bank are warning that the Covid-19 pandemic may result in an increase in financial crime and other misconduct due to market disruptions, reduced staff, and other factors, as has been the case during past global crises.

Countering money laundering and terrorism financing

Opportunistic fraudsters and criminals are adapting their methods of targeting people and countries in distress as new threat vectors open up.

The Financial Actions Task Force (FATF), the global standard setter for combating money laundering and terrorism financing, warns businesses to remain vigilant for emerging money laundering and terrorist financing risks as criminals may seek to exploit gaps and weaknesses in Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) systems under the assumption that resources are focused elsewhere.

Cloud-native, AI-based technology

We are proud to be able to offer our cloud-native and AI technology to support banks in the fight against financial crime"

Fraudsters have already been very quick to adapt well-known fraud schemes to target individual citizens, businesses and public organisations. These include various types of adapted versions of telephone fraud schemes, supply scams and decontamination scams.

Jean-Michel Hilsenkopf, Chief Operating Officer, Temenos, said, “We are proud to be able to offer our cloud-native and AI technology to support banks in the fight against financial crime, which has increased as a result of the pandemic.”

Temenos Financial Crime Mitigation solution

He adds, “As a strategic global banking software partner of Microsoft, we are pleased to join efforts to deliver Temenos Financial Crime Mitigation as SaaS on Microsoft Azure’s resilient, secure and proven cloud platform.”

Jean Michel further stated, “We are committed to providing robust and up-to-date sanction screening, AML, KYC and fraud management protection combined with powerful AI-driven transaction monitoring and sanction screening to help banks worldwide.”

Combating financial crime

Marianne Janik, Country General Manager, Microsoft Switzerland, said “We have been pioneering with Temenos in the cloud for a decade. We are proud to join forces to help banks use the power of Temenos’ market-renowned Financial Crime Mitigation solution based on our secure, scalable and resilient global Azure cloud platform to combat financial crime surge due to Covid-19.”

More than 200 banks use Temenos FCM SaaS solution, which covers watch-list screening, anti-money laundering, fraud prevention - suspicious activity prevention - and KYC, delivering industry-high levels of detection and false positives of under 2% versus industry average of 7% and above.

Integration with Temenos Transact and Infinity platforms

Temenos FCM can be deployed as a standalone, or integrated to any banking or payments platform including cloud-native, cloud-agnostic Temenos Transact and Temenos Infinity.

It provides unrivalled levels of detection and resilience against financial crime and Total Cost of Ownership (TCO) savings of more than 50%. Temenos FCM provides banks with the next generation of AI-driven FCM capabilities that can run on any public cloud, as a service or on premise.