FIS Launches First in a New Series of AI-Enabled Risk Solutions with C3 AI for Financial Services Industry
- FIS AML Compliance Hub is the first in a new line of AI-based solutions from FIS for capital markets firms.
- New solution uses artificial intelligence technology to aggregate and analyze client data across financial crime detection systems such as know your customer (KYC) and anti-money laundering (AML) to improve outcomes.
- The FIS AML Compliance Hub leverages technology from C3 AI and is the first in a new line of solutions to be developed under a new agreement between the two companies.
The AML Compliance Hub leverages C3 AI’s advanced machine learning technology, combined with the deep financial industry domain expertise of FIS, to dramatically improve the efficiency of financial crime detection. Designed to help capital markets firms fight the increasing threat of financial crime, the machine learning-based platform aggregates and analyzes client data across disparate systems to enhance AML and KYC processes, improving decision-making and reducing false positive alerts.
“As an early adopter of AI technology in our solutions, FIS is accelerating our investment in machine learning to help our clients better take advantage of the vast amount of structured and unstructured data within their systems,” said Nasser Khodri, Head of Capital Markets at FIS. “From cost savings through AI-powered automation to enhanced decisioning and analysis, AI offers great promise for forward-looking financial institutions that want to tap into their data for competitive advantage.”
Recent research from the FIS Readiness Report shows that 78% of capital markets firms plan to invest in AI in 2021 to advance their strategic goals.
“We predict that AI will increasingly be a vital tool for capital markets firms in a wide range of use cases and applications,” said
The FIS Compliance Hub provides a dashboard view where users can view reports and receive alerts as to key risk drivers, suspicious activity, and AML scoring. By reducing false positives, organizations can focus on true threats that require dedicated attention and timely action.
“Money laundering and other illegal activities are dynamic, fast-moving challenges for the financial services sector, and the data necessary to identify financial crimes are segregated across numerous disparate systems,” said
The partnership with C3 AI is reflective of FIS’ focus on partnering with innovative companies to accelerate its ability to deliver disruptive new technologies and solutions into the market.
FIS is a leading provider of technology solutions for merchants, banks and capital markets firms globally. Our employees are dedicated to advancing the way the world pays, banks and invests by applying our scale, deep expertise and data-driven insights. We help our clients use technology in innovative ways to solve business-critical challenges and deliver superior experiences for their customers. Headquartered in
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