Symphony AyasdiAI today announced the launch of Ayasdi AML, an advanced anti-money laundering (AML) solution that significantly boosts efforts to combat fraudulent money laundering schemes.
Ayasdi AML uses state-of-the-art unsupervised machine learning technology to increase detection accuracy and reduce investigative volumes by more than 20 percent.
Global AML compliance costs financial institutions annually more than $100 billion with regulatory fines averaging $2.7 billion a year. Ayasdi AML addresses these costs by reducing false positives, automatically spotting anomalies in customer behavior, accelerating investigations, and lowering the overall cost of compliance. It augments current systems of record to provide end-to-end intelligence, spanning transaction monitoring systems (TMS), event dispositioning, and case management systems.
Ayasdi AML is already in place at several leading financial services institutions, providing significant value. HSBC reduced its false positives and investigation volume by more than 20 percent with Ayasdi AML. Symphony AyasdiAI is partnering with Navigant Consulting Inc. to bring AI benefits to customers.
“The impact of AI in AML and sanctions screening is proving to be significant. We are working with Symphony AyasdiAI to implement AI solutions that work alongside a bank’s existing systems to substantially improve detection of suspicious activity and enhance operational efficiency in dispositioning alerts,” said Tim Mueller, managing director of global investigations and compliance at Navigant. “Symphony AyasdiAI’s technology provides a unique ability to leverage transaction behavior to identify customer segments, risk rank alerts, and understand changes in customer activity. This will help investigators to focus on actual suspicious behavior and identify that behavior in a proactive fashion.”
Ayasdi AML ingests large transaction and customer data sets and applies state-of-the-art unsupervised machine learning to detect changes. Ayasdi AML uses an advanced segmentation approach that creates small segments based on customer behavior and monitors customer transactions over time to spot suspicious behavior.
“AyasdiAI is the world’s most advanced AI platform for AML and many other high-value use cases. We are focusing its intelligence on accelerating revenue growth and reducing threats, risk, and inefficiencies for banks,” said Symphony AyasdiAI CEO Ishan Manaktala. “The wasted cycles and missed clues cost banks billions every year. We can help significantly reduce that cost. Our ability to help separate the signal from the noise gives banks the ability to gain deep insights into transactions and customer behavior.”
Today’s release of Ayasdi AML is part of the company’s focus on building AI-based solutions tailored for the financial services marketplace. Symphony AyasdiAI leverages unsupervised machine learning for multiple financial services use cases. These include helping to identify and eliminate fraud, reduce regulatory risk, optimize treasury functions, gain insights into customer behavior, and drive customer engagement.