Fintech specialist FIS has launched the first in a series of AI-powered services designed to help clients manage regulatory and compliance risks.
Developed in partnership with enterprise AI company C3, the AML Compliance Hub aims to expand the ability of capital markets firms to combat the risk of financial crime.
This uses AI modeling to aggregate and filter customer data across multiple systems, including KYC and AML software, to improve threat identification and reduce false positives.
FIS predicts in its latest readiness report that 78% of capital markets firms intend to invest in AI technology in 2021 to achieve their strategic goals.
“From cost savings to AI-enabled automation to improved decision-making and analytics, AI holds promise for forward-looking financial institutions looking to leverage their data for a competitive advantage,” says Nasser Khodri, Head of Capital Markets at FIS.
FIS says the alliance with C3 AI is indicative of its commitment to partnering with innovative companies to bring disruptive new technologies to market.
C3 President and CTO 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 Center can accurately prioritize and report suspicious activity, while reducing the number of false positives,” says Abbo, allowing organizations to focus on threats that require quick action.