Moreover, the solution helps FIs focus their financial crime detection efforts on the highest risk transactions. This launch strengthens Temenos’ Financial Crime Mitigation (FCM) product that covers watch-list screening, anti-money laundering, fraud prevention, and KYC, delivering levels of detection and false positives.

The new Temenos Peer Group Identifier functionality uses statistical analysis and machine learning to assess large quantities of data to form a unique financial ‘DNA’ for each customer. Based on their income flow, transaction types, spending patterns, and the extensive data set maintained in the Temenos Financial Crime Mitigation product, it then groups customers with a similar ‘DNA’ into peer groups which are then used to provide a measure of normal financial behaviour in relation to customers with a similar financial DNA.

This development is the result of a close collaboration between Microsoft AI in Redmond and Temenos’ AI Centre of Excellence. The models were built using Azure and can be deployed on a variety of technology platforms.