With C3 AI, FIS Introduces the First in a New Series of AI-Enabled Risk Solutions for the Financial Services Industry
FIS | June 11, 2021
FIS®, a financial technology pioneer, today launched the first in a new series of solutions developed in collaboration with C3 AI to assist capital markets organisations better manage regulatory compliance and risk by leveraging the power of their organisational data.
To drastically improve the efficiency of financial crime detection, the AML Compliance Hub combines C3 AI's superior machine learning technology with FIS' extensive financial industry domain understanding. The machine learning-based technology, designed to help capital markets organisations combat the growing threat of financial crime, gathers and analyses client data across various systems to improve AML and KYC processes, improve decision-making, and reduce false positive alerts.
Nasser Khodri, Head of Capital Markets at FIS, said, "As an early adopter of AI technology in our solutions, FIS is boosting its investment in machine learning to assist our clients better take advantage of the massive amount of structured and unstructured data within their systems." “AI provides significant promise for forward-thinking financial institutions that wish to tap into their data for competitive advantage, from cost savings through AI-powered automation to enhanced decisioning and analysis.”
According to the FIS Readiness Report, 78 percent of capital markets organisations want to invest in AI in 2021 to achieve their strategic objectives.
“We believe that AI will become a more important tool for capital markets organisations in a variety of use cases and applications,” said Chartis Research research director Sidhartha Dash. “The ability of AI to aggregate data and use learnings from previous events to automate decisioning has enormous potential in the battle against financial crime. The technology also offers a lot of promise in terms of optimising workflows and lowering expenses connected with time-consuming manual data evaluation processes.”
Users can read reports and receive warnings about major risk factors, suspicious activity, and AML score on the FIS Compliance Hub's dashboard. Organizations can focus on serious dangers that require dedicated attention and quick response by eliminating false positives.
“Money laundering and other illicit actions are dynamic, fast-moving concerns for the financial services sector, and the data needed to identify financial crimes is scattered across multiple dissimilar systems,” said Ed Abbo, president and chief technological officer of C3 AI. “Present rule-based detection systems generate a large number of false positives, which necessitates time-consuming and inefficient manual review and increases the danger of missing investigations. “The FIS AML Compliance Hub is a next-generation system that can properly identify, prioritise, and report suspicious behaviour while lowering the number of false positives by employing C3 AI's sophisticated capabilities to unify and analyse all relevant data using machine learning."
FIS' commitment on partnering with innovative startups to accelerate the delivery of disruptive new technologies and solutions into the market is reflected in its cooperation with C3 AI.
FIS is a global leader in providing technology to merchants, banks, and capital markets organisations. Using our scale, deep experience, and data-driven insights, our people are dedicated to improving the way the world pays, banks, and invests. We assist our clients in utilising technology in novel ways to solve business-critical challenges and provide outstanding consumer experiences. FIS is a Fortune 500® business with headquarters in Jacksonville, Florida, and is a member of the Standard & Poor's 500® Index.
C3.ai is a leading provider of Enterprise AI software that helps businesses accelerate their digital transformation. C3 AI offers a suite of fully integrated products, including C3 AI® Suite, an end-to-end platform for developing, deploying, and operating large-scale AI applications; C3 AI Applications, a portfolio of industry-specific SaaS AI applications; C3 AI CRM, a suite of industry-specific CRM applications designed for AI and machine learning; and C3 AI Ex Machina, a no-code AI solution for applying data science to a variety of applications. The C3 AI platform is built on an open, model-driven AI architecture that makes data science and application development much easier.