Today, BAE Systems unveiled a major enhancement to its NetReveal
platform at the ACAMS 24th annual International AML and Financial Crime
Conference. This latest version combines the best of advanced analytics
and human expertise to enable financial institutions to effectively
combat financial crime and fraud in an environment of rapidly evolving
regulatory requirements and changing financial crime patterns.
Faced with increasing transactions, evolving regulations, a growing
number of payment channels, customer friction, investigation challenges
and strengthening privacy regimes, financial crime and fraud,
investigators are under pressure to make more confident intelligence-led
decisions. And do this at an unprecedented pace.
Built on modernised modular technology, NetReveal addresses these
challenges by working smarter, faster and supporting an intelligence-led
approach:
-
Smarter: Profiling and detection against transactional data
that commonly takes hours to process, now gets processed within 30
minutes on average. -
Faster: Advanced analytics with machine learning techniques
improve operational performance by driving fewer false positives;
integrated Robotic Process Automation (RPA) means routine tasks are
automated to enable investigators to focus more on high value
strategic investigative work and our Real Time Detection Engine helps
institutions keep pace with evermore sophisticated criminals across
growing digital channels. -
Intelligence-Led: Entity-based investigations deliver
efficiency improvements of 20-30 per cent on average by streamlining
multiple detections into a single combined alert dashboards and
interactive lists also provide actionable information to adjudicate
alerts effectively.
Rob Harrison, Head of Product & Solutions, Financial Services at BAE
Systems Applied Intelligence said:
“This release is the culmination of major investment and engineering
development of our financial crime platform and suite of solutions. We
have focused on providing compliance and fraud teams with the latest
advanced analytics, technology advancements and productivity
improvements. ”
“The latest version of NetReveal combines the best of human expertise
and advanced analytics which we believe puts financial institutions in
the strongest position to address the major market challenges of today,
namely regulatory complexity and change, evolving fraud patterns,
productivity and efficiency pressures and new risk management
approaches.”
Julie Conroy, Research Director for Aite Group’s Retail Banking
practice commented:
“The use of Robotic Process Automation (RPA) to improve Financial Crime
operations, significantly increases accuracy, reduces operational costs
and enhances productivity. With the growing data challenge, having the
ability to advance investigator efficiency by reducing repetitive manual
tasks, human error, and by extension the number of false positives
ultimately frees up time to focus on more strategic tasks.”
NetReveal is a single, integrated platform for money laundering
compliance and fraud prevention enabling Financial Institutions to
benefit from lower total cost of ownership across their compliance and
fraud teams with a single solution. A comprehensive range of compliance
and counter-fraud solutions can be deployed individually or collectively.
About BAE Systems:
At BAE Systems, we provide some of the world’s most advanced technology
defence, aerospace and security solutions. We employ a skilled workforce
of 82,500 people in over 40 countries. Working with customers and local
partners, our products and services deliver military capability, protect
people and national security, and keep critical information and
infrastructure secure.
At BAE Systems Applied Intelligence, we help nations, governments and
businesses around the world defend themselves against cybercrime, reduce
their risk in the connected world, comply with regulation, and transform
their operations. For further information about BAE Systems Applied
Intelligence, please visit www.baesystems.com/ai.
For more information regarding BAE Systems’ fraud detection and
regulatory compliance solutions, visit https://www.baesystems.com/compliance and
for information on hot topics and new technologies in the banking
sector, subscribe to BAE Systems’ Banking Insights expert briefing
series: https://www.baesystems.com/bankinginsights
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