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Temenos Launches Self-Service Financial Crime Mitigation on Temenos Banking Cloud
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Neutral)
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Rhea-AI Summary
Temenos has launched the first market-ready SaaS solution for financial crime mitigation (FCM), allowing banks to manage compliance through a secure, self-service platform. This solution uses patented Explainable AI (XAI) and is designed to reduce operational costs, enhance accuracy, and speed up client onboarding by 92%. With over 300 banks using the platform, it addresses the rising challenges of financial crime while enabling banks to scale operations without significant IT investments. The service is integrated within the Temenos Banking Cloud, offering flexibility and pre-built configurations aligned with global regulations.
Positive
First-to-market SaaS solution for financial crime mitigation, enhancing compliance efficiency.
92% faster client onboarding compared to non-Temenos users.
Pre-built configurations that align with global regulations, reducing compliance burdens.
Lower total cost of ownership and improved customer service for banks, especially smaller institutions.
Negative
None.
New Temenos FCM SaaS allows banks to compose and manage financial crime mitigation in a secure, continually evolving, self-service platform
GENEVA--(BUSINESS WIRE)--
Temenos (SIX: TEMN) today announced that it is the first to market with a SaaS offering that enables banks to manage financial crime mitigation (FCM) with composable banking services on a secure, continually evolving, self-service platform.
Temenos’ FCM-as-a-Service delivers pre-built configurations aligned to global industry regulations. Now with self-provisioning and automatic upgrades for fast compliance and time to value, banks can achieve lower total cost of ownership and improved customer service.
Temenos FCM is used by over 300 banks from global tier ones such as UBS to regional banks, neobanks and digital only banks such as Flowe. Temenos CEO Navigator, a survey-based customer value benchmarking and advisory service, shows that Temenos clients using the FCM solution, benefit from lower false positives, and increased risk and compliance efficiency. Furthermore, these banks have 92% faster client onboarding time compared to banks that are not using Temenos FCM.
Temenos FCM, which uses patented Explainable AI (XAI), helps banks make smarter, faster decisions by quickly determining if an alert is genuine or not to improve accuracy and productivity. This flexible, pay-as-you-go solution, scales elastically, guaranteeing high availability and performance for peak loads or anticipated growth. The service includes industry standard certifications spanning risk, security and data privacy without the need for new IT infrastructure. At small and mid-size banks where the cost of FCM is disproportionately high, this can significantly boost profitability and reduce operational risk.
The FCM service can be consumed through the Temenos Banking Cloud. Easy to deploy, the SaaS solution comes pre-integrated with Temenos core banking platform or with an API catalogue for fast connection to any other third-party core.
The Temenos banking service covers all financial crime mitigation needs from sanction screening and Politically Exposed Person (PEP) matching to AML transaction monitoring, payment fraud mitigation and KYC customer risk assessment. It delivers industry-leading levels of detection accuracy and false positives (under 2% vs industry average of 7% and above), enabling banks to reduce overheads and costs while delivering a better customer experience. Banks composing their FCM service on Temenos Banking Cloud can deploy the complete FCM solution or in parts to meet their immediate needs, and add on capabilities as their needs change, paying only for what they use.
Chuck Subrt, Director, Fraud & AML Practice, Aite-Novarica Group said: “With a rising number of threat vectors and tightening regulations, many legacy financial crime systems struggle and may no longer be enough to meet today’s demands. Many banks are investing in technology to address these challenges. A 2021 Aite-Novarica Group study indicated about two-thirds of institutions will increase spending on AML technology. As such, institutions are looking for offerings like Temenos’ FCM SaaS solution that can deliver fast time to value while empowering compliance teams to meet global regulatory requirements. Flexibility and predictable cost are critical considerations for banks especially as the volume and high rates of false positives are a recurring pain point. This can be particularly relevant to mid and smaller banks where the cost of implementing and managing financial crime mitigation can be disproportionally high.”
Adam Gable, Product Director, Temenos, said: “Temenos FCM-as-a-Service is the first offering where banks can self-provision and consume financial crime mitigation as a service. This flexible SaaS solution can help neo and challenger banks get to market faster and incumbent banks to future proof their financial crime mitigation with a continually evolving platform so they never need to upgrade again. FCM as-a-service is also particularly attractive to existing Temenos clients who wish to move to the cloud. Tackling financial crime is growing ever more complex; with FCM-as-a-Service, banks can stay ahead of the threat - and never upgrade again.”
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About Temenos
Temenos (SIX: TEMN) is the world’s leading open platform for composable banking, creating opportunities for over 1.2 billion people around the world every day. We serve over 3000 banks from the largest to challengers and community banks in 150+ countries by helping them build new banking services and state-of-the-art customer experiences. The Temenos open platform helps our top-performing clients achieve return on equity three times the industry average and cost-to-income ratios half the industry average.
Temenos has introduced a first-of-its-kind SaaS offering for financial crime mitigation, enabling banks to manage compliance efficiently through a secure, self-service platform.
How does Temenos' FCM benefit banks?
The FCM solution improves compliance efficiency, reduces the total cost of ownership, and offers faster client onboarding by 92%, benefiting banks of all sizes.
What technology does Temenos FCM use?
Temenos FCM employs patented Explainable AI (XAI) to help banks quickly identify genuine alerts, enhancing productivity and accuracy in financial crime detection.
How are compliance and regulations addressed by Temenos FCM?
Temenos FCM features pre-built configurations that align with global regulations, helping banks meet compliance requirements effectively.
What is the impact of Temenos FCM on smaller banks?
For smaller and mid-size banks, Temenos FCM significantly reduces the high costs associated with financial crime mitigation, boosting profitability and minimizing operational risk.
