Banking
DetectX® is deployed in banking for anti-money laundering, fraud, credit risk and customer retention, as a single solution or as several on one platform.
The DetectX® approach in banking
A bank rarely needs one capability. It needs screening at onboarding, monitoring across the book, a fraud signal on the payment path and a defensible record of every decision, and it needs those to agree with each other.
DetectX® is deployed for a single solution or for several on the same platform, so the second capability is a module rather than a second system with its own integration, its own queue and its own version of the customer.
- Alert Management
- Configurable workflows and checklists, so a procedure change is configuration.
- Transaction Monitoring
- Rules and behavioural models across the book.
- Business Rules Designer
- Rules authored and maintained by the compliance team.
- Name Screening
- Once-off or high-volume batch, for enhanced due diligence.
- Adverse Media Search
- Negative coverage on a customer, scored.
Key benefits and impact
Regulatory reporting is the case that exposes fragmentation: when the data sits in several systems, producing a report means assembling it. Holding the audit trail, the customer record and the transaction history in one place is what turns that into a generated document.
Beyond compliance, the same transactional and behavioural data supports customer intelligence, so the analysis a bank is required to run also has commercial use.
A Swiss retail bank achieved a 98% reduction in false positives.
Why DetectX®
Meeting regulatory demand with standalone point solutions gets harder as the demands grow, because every new obligation adds another system to reconcile rather than another rule to write.
Audit runs across the whole platform, from rule design and detection through to notification and the recorded decision. That is what makes a compliance position defensible after the fact rather than only at the time.
Regulatory requirements
DetectX® supports the FATF and GAFI recommendations, and is used against Swiss regulatory requirements including GwG, FINMA-GwV, VsB 16, KAG, FinfraG, FidleG, BEHG and KKG.
It also supports MiFID and EMIR reporting obligations, and BASEL II and III requirements.
See Banking on your own data
A demo runs against a scenario you choose, so the alert volume and the match quality are yours rather than ours.
Request a demo