Temenos, Microsoft partner to offer AI-driven FCM SaaS solution for banks

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Switzerland-based banking software firm Temenos has partnered with Microsoft to offer its financial crime mitigation (FCM) SaaS solution for banks.

The partnership will provide banks with access to its AI-powered solution to protect both customers and the organisation from the increased financial crime during the COVID-19 pandemic.

It enables Temenos’ FCM SaaS solution based on Microsoft’s Azure cloud platform to be deployed within weeks.

Temenos chief operating officer Jean-Michel Hilsenkopf said: “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.

“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.”

According to the international financial regulators and organisations including the European Central Bank, the Covid-19 pandemic may increase financial crime and other misconduct due to market disruptions, reduced staff, and other factors, as has been the case during past global crises.

Temenos said that its FCM SaaS solution covers watch-list screening, anti-money laundering, fraud prevention, suspicious activity prevention, and KYC. The solution can be deployed as a standalone, or integrated to any banking or payments platform.

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

Recently, the company introduced new Explainable AI (XAI) models to enable banks and credit unions to issue loans to small and medium enterprises (SMEs) whose cash flows have been disrupted due to COVID-19 (coronavirus) pandemic.

The XAI models are designed to allow banks to speed up several processes such as digital onboarding, conducting eligibility checks and loan application processing for SMEs and retail customers.