Following this announcement, the new update is set to enable financial institutions and banks to address threats in a faster and more secure manner, and to integrate real-time intelligence into their already existing business processes, as well as reduce compliance costs by up to 90%.
The AFC feature will add risk management capabilities to the Cloud for Banking platform, being compatible with a wide range of banking systems and industry standards, in addition to a complete and traceable audit log-in procedure for transparency and compliance. Moreover, it is also compatible with the requirements to meet the confirmation of payee checks (CoP), as per the decision of the European Commission.
The platform was developed to leverage recurrent neural network technology and to include explainable AI-based assistance in the procedure of justifying decisions, correcting human errors, removing biases, demonstrating the trustworthiness of multiple data sources that are used to reach conclusions, as well as ensuring that the trained subject matter experts retain the full decision-making control.
The Cloud for Banking software solution was specifically designed for banks and FIs, offering a comprehensive view of the client across all of the aspects of their interactions. The platform also allows new products to be introduced rapidly in order to meet the needs, demands, and expectations of users.
Germany-based financial services software solutions and platforms provider SAP Fioneer had multiple partnerships and product launches in the last couple of months, covering several different geographic areas around the world.
In September 2023, the company announced the launch of a software service for ESG data orchestration and calculation for portfolio and a single exposure KPI. The Fioneer ESG KPI Engine was developed in order to provide full visibility into the ESG-related portfolio data, which was set to enable financial institutions to make sustainable, secure, cross-departmental decisions based on reliable and transparent insights.
In addition, the launch also plugged the data gap banks and insurers needed in order to remain ESG compliant, as well as giving them the possibility to leverage the pertinent business potential and opportunities.
Earlier in the same month, SAP Fioneer announced its partnership with Mastercard to embed commercial payments and solutions into its platform. Throughout this strategic deal, SAP Fioneer’s financial services clients and customers across the globe were given the capability to deliver embedded payments, as well as lending products as part of their business and commercial banking proposition.
As per the information detailed in the press release published at the time, commercial payments remained largely fragmented, with multiple disconnected systems and processes. This created a barrier between product and service purchasing and the overall financial solutions that underpinned business-to-business (B2B) payments. The companies focused on combining their offerings and reach in order to explore new opportunities that assisted banks and financial institutions in the process of delivering an optimised embedded payment and lending experience for their clients. At the same time, they aimed to meet the growing needs and demands for convenience of users, speed markets, as well as overall agility.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now