Barclays has selected anti-money laundering technology from Swiss vendor Temenos as its its preferred global sanctions system for payments screening.
Temenos AML will be rolled out globally, replacing various existing platforms, after coming out on top in a benchmarking exercise.
The platform includes the vendor's Linguistics application to address the "increasing challenges of cultural variations and subtleties". This detection capability, coupled with intelligent false positive reduction methods, will help drive down total cost of ownership and increase operational efficiency says Temenos.
Paul Fabara, global head, operations, regulatory implementation and planning, Barclays, says: "The bank's approach to global compliance is unequivocal. We want to lead by example and have found the right product to help us protect that position."
The contract marks Temenos's emergence as a player in the AML market following its acquisition of French rival Viveo earlier this year for around $81 million.
Andreas Andreades, CEO, Temenos, says: "We believe that the AML market offers significant growth potential and our success in penetrating this market will prove an important factor in executing our ambitious growth plans for Temenos. We have made excellent progress integrating the product into our business model and this new signing demonstrates how we are already seizing opportunities in this growth market."