Hans Jürgen Rieder, CEOThe answer lies in digitalization. With an intelligent combination of cutting-edge technologies, such as artificial intelligence (AI) and machine learning, banks can analyze the bulk of data more efficiently, uncover suspicious patterns more easily, and recognize potential risks more swiftly. It can also make the whole process more cost and time effective. And apprehending this, more and more banking institutions are turning to digital solutions today for compliance management.
Notably, one of the leading solutions among these compliance management systems is ACTICO’s AI-powered compliance and financial fraud management suite. ACTICO is a leading international provider of software for intelligent automation. The company provides best-in-class software and tools for multiple industries that enhance day-to-day decision-making and offer end-to-end automation. With its ACTICO Compliance Suite, ACTICO provides a comprehensive solution for banking institutions to meet compliance requirements and fight financial fraud.
The suite helps banking institutions, financial service providers, and insurance companies to comply with in-house regulations and statutory requirements on compliance and fraud management. The software modules cover the whole compliance spectrum, from customers to transactions and securities orders. This one single application can automatically monitor people, business relationships, payments, and securities orders and track suspicious cases among them.
While this unique dimension of the platform has steered ACTICO ahead of its competition, that’s not all. ACTICO’s compliance management system provides rapid adaption to regulatory changes through configurable checks, low compliance risks through proven procedures, in-house compliance through expandable audits, and low workload for compliance staff through optimized procedures. It can also offer digitalized and automated testing of millions of transactions daily. Interestingly, another feature that works in favor of ACTICO’s compliance system is its flexibility. The system can be adapted to suit the specific requirements of the clients. And its optional add-ons - ACTICO Rules and ACTICO Machine Learning – further reduces the risks and costs.
Furthermore, the system can monitor transactions for money laundering and market manipulations and automate the know your customer (KYC) process. It also screens for sanctions, embargoes, politically exposed persons (PEP) status, and other risks. With these high competencies, ACTICO has established an extensive clientele in the industry today. Many leading banking institutions, financial service providers, and insurance companies leverage their compliance management system to prevent money laundering, terrorist financing, market abuse, and insider trading. On the whole, ACTICO’s compliance management system enables these institutions to add value from the inevitable regulations and implement a comprehensive technology platform that caters to all compliance and fraud prevention services. Remarkably, more than ten of ACTICO’s projects have resulted in client savings of 30 to 50 percent.
At this juncture, with the mounting pressure on the compliance departments of banking institutions, ACTICO’s compliance management system presents itself with an opportunity for them to derive value from these increasing regulations. With an intelligent compliance management system like that of ACTICO’s, these institutions can not only avert the present crisis but also prepare companies for the post-COVID era.
While this unique dimension of the platform has steered ACTICO ahead of its competition, that’s not all. ACTICO’s compliance management system provides rapid adaption to regulatory changes through configurable checks, low compliance risks through proven procedures, in-house compliance through expandable audits, and low workload for compliance staff through optimized procedures. It can also offer digitalized and automated testing of millions of transactions daily. Interestingly, another feature that works in favor of ACTICO’s compliance system is its flexibility. The system can be adapted to suit the specific requirements of the clients. And its optional add-ons - ACTICO Rules and ACTICO Machine Learning – further reduces the risks and costs.
Furthermore, the system can monitor transactions for money laundering and market manipulations and automate the know your customer (KYC) process. It also screens for sanctions, embargoes, politically exposed persons (PEP) status, and other risks. With these high competencies, ACTICO has established an extensive clientele in the industry today. Many leading banking institutions, financial service providers, and insurance companies leverage their compliance management system to prevent money laundering, terrorist financing, market abuse, and insider trading. On the whole, ACTICO’s compliance management system enables these institutions to add value from the inevitable regulations and implement a comprehensive technology platform that caters to all compliance and fraud prevention services. Remarkably, more than ten of ACTICO’s projects have resulted in client savings of 30 to 50 percent.
At this juncture, with the mounting pressure on the compliance departments of banking institutions, ACTICO’s compliance management system presents itself with an opportunity for them to derive value from these increasing regulations. With an intelligent compliance management system like that of ACTICO’s, these institutions can not only avert the present crisis but also prepare companies for the post-COVID era.
ACTICO News
Finance sector provides instant response in turbulent times with ACTICO Platform
In times of constant political and economic change, banks, insurers and financial service providers need to respond quickly to changes - such as new insights into customer behavior or to changes in financial policy. Users can use the ACTICO Platform to adapt guidelines - for example, those governing credit decisions, the monitoring of payment transactions, or customer communication in real time - within a few hours, test scenarios with altered conditions and then activate these during day-to-day operations. A well-designed framework ensures that no programming knowledge is required. Previously, system adaptations took experts weeks, as external software service providers or the IT department were involved - and this is still the case today at many banks, insurance companies and financial service providers. A look back at the turbulence of recent years gives an idea of how often such adjustments were necessary.
Highest possible scores in several categories for German Software Engineering
The report's vendor profile of ACTICO states that their platform tools are designed for business experts to easily define and manage their decisions across the entire lifecycle. Forrester finds ACTICO's European customer list - which includes Santander, Volkswagen Financial Services and ING - "impressive," adding that they could increase adoption in this incredibly competitive market by expanding more aggressively into North America. The report went on to state that "ACTICO has strengths in decision logic authoring tools, explainability, application development tools, solution accelerators, and security." Further, Forrester calls ACTICO Platform a good fit "for customers that are looking to implement one of ACTICO's solution accelerators, especially for organizations in highly regulated industries."
Clever integration of machine learning into banking processes
ACTICO customers use AI or machine learning when they check whether a payroll in a loan application is forged, a bank transaction violates applicable embargoes or securities trading shows criminal patterns, for instance. "The fact that we have achieved the highest score possible in the explainability, and security criteria is very important for our customers. After all, they are supervised by various regulatory authorities," Hans Jürgen Rieder, CEO of ACTICO, resumes. Read more