Security and Compliance
PR Newswire | September 29, 2023
Genpact (NYSE: G), a global professional services firm focused on delivering outcomes that transform businesses, expanded its relationship with Amazon Web Services, Inc. (AWS) to transform financial crime risk operations, leveraging generative AI and large language models (LLMs). Integrating Genpact's proprietary cloud-based financial crime suite, riskCanvas™, with Amazon Bedrock, has led to accelerated efficiencies and impact for clients such as Apex Fintech Solutions.
Amazon Bedrock is a fully managed service that enables developers to test, integrate, and deploy industry-leading foundation models (FMs) via an application programming interface (API) and customize the models to best suit their unique use cases.
Building on its existing relationship with AWS, Genpact is now combining its intellectual property and deep industry expertise with AWS's generative AI capabilities.
For example, seamlessly incorporating Amazon Bedrock FMs into Genpact's riskCanvas financial crimes software suite aims to unlock exponential value and improve speed and accuracy in the detection, investigation, and prevention of financial crime threats for operations across enterprises. This allows experts to review outputs and incorporate a guided decision-making process, providing comprehensive summaries and analyses of potential financial crime activities – accelerating both efficiency and precision.
Genpact engaged multiple riskCanvas clients to significantly improve the detection, investigation, and prevention of a wide range of financial crime threats. As a result, Genpact is now driving accelerated efficiencies and delivering substantial impact for these clients in finance and capital markets, exemplified by their work with Apex Fintech Solutions.
"Financial criminals are constantly innovating, which means financial services companies need to use advanced digital technologies to stay one step ahead of them," said Justin Morgan, Head of Financial Crimes Compliance at Apex Fintech Solutions. "With the addition of generative AI features to Genpact's riskCanvas, our analysts will be able to produce Suspicious Activity Report (SAR) narratives and case summaries at the click of a button using inputs from millions of data points. We expect this will reduce time spent on case summarizations by 60%, allowing our analysts to spend more time identifying truly suspicious financial activity."
Using approved client data from the secure riskCanvas ecosystem, combined with Amazon Bedrock's secure data handling, enables the generation of highly accurate outcomes while maintaining data protection across clients.
"Responsible AI is a core consideration in AI implementation and its importance will continue to increase, said Atul Deo, General Manager, Amazon Bedrock at AWS. Amazon Bedrock is rooted in secure data handling, encrypting all data and allowing users to customize models privately. Integrated with Genpact's riskCanvas, this powerful combination enables our mutual customers to enhance productivity in investigating, detecting, and preventing financial crime threats.
The initiative enables clients to fully leverage the potential of generative AI solutions and drive secure, scalable, AI-led transformation.
"Data complexity and volume, false positives, and evolving sophisticated criminal tactics are accelerating the need for businesses to harness generative AI to transform financial crime operations," said BK Kalra, Global Business Leader, Financial Services, Consumer and Healthcare, Genpact. "Genpact's expanded relationship with AWS represents a pivotal step in redefining the operations landscape for enterprises. Together we can unlock untapped value, and fuel significant growth opportunities for our clients, solidifying our commitment to delivering valuable business impact."
For more information on Genpact's relationship with AWS, visit: AWS | Our Partners | Genpact, and for more information on our financial services visit: AWS Financial Services | Our Partners | Genpact.
Finastra | September 20, 2023
Finastra's new solution merges real-time sanctions screening and AI-powered anti-money laundering for FedNow in the US and TIPS in Europe.
Initiatives are underway to integrate Finastra Compliance as a Service with Finastra Global PAYplus soon.
This comprehensive solution automates compliance for US and European banks by leveraging proven technology to facilitate instant payments.
Finastra, a global provider of financial software applications and marketplaces, has officially unveiled its latest payment solution, Finastra Compliance as a Service, hosted on the Microsoft Azure platform. It will incorporate real-time anti-money laundering (AML) transaction screening from Fincom and AI-powered transaction monitoring by ThetaRay, presenting a pre-integrated packaged solution alongside Finastra Payments To Go.
Mike Vigue, Chief Product Officer for Payments at Finastra, underscored the increased risks associated with introducing a new payment rail, mainly when it operates in real-time. He articulated Finastra's commitment to leveraging the successful track record of 'Payments To Go' for instant payments. He emphasized that the company's objective is to provide financial institutions with precise and efficient compliance capabilities, ultimately reducing the total cost of ownership.
Finastra Compliance as a Service will facilitate banks in capitalizing on and adhering to various instant payment infrastructures, such as the FedNow service in the United States and TIPS in Europe while mitigating the elevated risks associated with financial crime. Through the integration of real-time compliance screening by Fincom and AI-driven transaction monitoring by ThetaRay, this service will empower financial institutions to expedite their business expansion, broaden risk management coverage, and curtail operational expenses.
Mike Vigue further added that through the seamless integration of Fincom and ThetaRay into their solutions, Finastra's clients can expedite the launch of instant payment services while enhancing security, scalability, and flexibility. He concluded that the company remains committed to supporting banks in keeping pace with evolving customer, industry, and regulatory demands through ongoing payment innovation and collaboration with partner ecosystems to provide top-tier services.
Radha Suvarna, Head of BaaS and Value-Added Payment Solutions at Finastra added,
By delivering relevant value-added payment risk solutions as a service, we will help banks to improve speed-to-market and ensure our customers stand to benefit from the ongoing evolution in enabling capabilities like AI and Machine Learning.
[Source - Cision PR Newswire]
'Payments To Go' represents a comprehensive software-as-a-service (SaaS) payment processing solution, empowering banks to expedite the delivery of flexible digital payments with enhanced efficiency. Financial institutions can easily subscribe to this solution via Microsoft Azure Marketplace, streamlining billing under a single invoice.
Security and Compliance
PR Newswire | September 29, 2023
Opus, a global leader in payment technology solutions, has concluded a strategic partnership with Checkmarx, an industry leader in providing application security testing. This dynamic collaboration underscores Opus's unwavering commitment to security in the financial sector and represents a significant leap toward delivering unparalleled protection for its global list of clients.
Opus recognizes the vital importance of inoculating financial applications against potential vulnerabilities and threats that loom large in the digital era. This partnership combines the technical expertise of Opus in developing differentiated payment offerings with Checkmarx's cutting-edge and comprehensive application security platform.
Referring to the pressing need for enhanced security measures in the payments arena, Opus CEO Praveen TM said, "In an environment rife with ever-evolving cyber threats, financial data security is imperative. Opus is on an unrelenting mission to fortify the payment ecosystem. Our partnership with Checkmarx marks a significant milestone in Opus's mission to continually push the envelope and advance the security of the entire payment ecosystem."
This partnership further strengthens Opus' positioning as a strategic enabler, empowering clients to seamlessly embrace DevSecOps with Checkmarx's application security platform. The integration will allow Opus privileged access to Checkmarx One's features and advancements, enabling proactive enhancements for its clients' systems. Through proper configuration and automation, Opus' client will be able to identify, prioritize and respond to threats and vulnerabilities based on their business impact.
With real-time payments coming to the fore, the role of a robust application security platform is critical. With Checkmarx by our side, we are poised to deliver state-of-the-art security solutions that safeguard the future of finance. Together, we will help organizations accelerate their digital transformation journeys while ensuring that security is embedded into every stage of their application development process, Praveen TM added.
About Opus Technologies (formerly Opus Consulting Solutions)
Opus Technologies is a global provider of outcome-driven payment strategies. Opus combines its deep technology proficiency with unmatched domain expertise in payments and FinTech to deliver unparalleled quality and value in their work.