Quadrant Knowledge Solutions recently announced that it has named Feedzai, the world’s first RiskOps platform for financial risk management, as a 2022 technology leader in the SPARK Matrix analysis of the global Anti-Money Laundering (AML) market.
Feedzai is the world’s first RiskOps platform for financial risk management. A RiskOps approach allows Financial Institutions to seamlessly handle the challenges of identity, real-time data, and collaboration across teams to deliver better and safer services to their customers. Feedzai covers the entire customer lifecycle from device and behavioral biometrics through to transactional and non-financial activity. Its Anti-Money Laundering (AML) Suite offers key features and functionalities, including real-time data ingestion, transaction monitoring, customer due diligence (KYC/CDD), customer risk assessment and profiling, watch list management, alert generation, alert/case investigation & disposition, omnichannel case management and pre-configured workflows. Feedzai also includes a visual link analysis tool that helps to quickly identify emerging financial crime patterns.
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“Feedzai offers scalable architecture supporting both customer and transactional-level alerts. The company’s primary differentiators are attributed to its sophistication of AML solution capabilities with advanced transaction monitoring, real-time data engine, advanced risk scoring, and integrated case management capabilities” says Pradnya Gugale, Analyst at Quadrant Knowledge Solutions. “Feedzai offers a visual link analysis tool, named Genome, that helps analysts uncover hidden connections between transaction and thereby significantly accelerating risk investigation and compliance processes,” adds Pradnya.
Driven by the strong overall performance across the performance parameters of technology excellence and customer impact, Feedzai is positioned amongst the 2022 technology leaders in the global AML market. Pedro Barata, Chief Product Officer at Feedzai, adds: “It is with great pride that our technology for AML is again distinguished. Our unique RiskOps approach ensures that teams in financial institutions everywhere have a single platform to handle everything fraud and financial crime related in real-time. It allows institutions to establish greater customer trust and security and identify criminals faster. We are redefining the way companies operationalize risk, with a long-lasting positive impact for more than 900 million people globally.“
The constant friction between banks, regulators, and money launderers has increased due to new-age technologies, which has resulted in the increase in complex regulations. Financial services and banks are grappling with adhering to regulations such as BSA, FinCEN, Fourth AMLD, Fifth AMLD, Hong Kong Monetary Authority (HKMA), Monetary Authority of Singapore (MAS), and more with their legacy systems, thereby adversely impacting in meeting deadlines and slowing the overall process. To further add to the woes driven by digital transformation and emerging technologies, financial crimes are increasing in both frequency and complexity, thereby fueling a rapid rise in money laundering activities. With miscreants finding innovative ways, cryptocurrency and virtual assets are also coming under the purview of money laundering activities. Lately, with the majority of the population homebound and working remotely due to the pandemic, there has been a swift rise in financial frauds, with people increasingly shopping online and being digitally active.
Driven by the global complexities, global organizations are increasingly looking at evaluating and adopting advanced AML solutions. Leading AML vendors are increasingly investing in enhancing capabilities, including machine learning (ML), AutoML, advanced case management, advanced analytics, graph analytics, process automation, artificial intelligence, and others.
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According to the research “SPARK Matrix: Anti-Money Laundering (AML), 2022”, the majority of anti-money laundering solutions often provide all the core functionalities, however, the breadth and depth of functionalities may differ significantly by different vendors’ offerings. Users must evaluate AML solution offering robust features such as data ingestion from multiple sources, effective transaction monitoring, which detects anomalies and reports suspicious activities if required, watchlist filtering (WLF), robust KYC and CDD, alert and case management, analytics and visualizations, and effective auditing and reporting, and more. Additionally, the vendor’s customer value proposition may differ in terms of ease of deployment, ease of use, price/performance ratio, support for a broad range of fraud and AML use cases, global support service, and such others. Most of the vendors are offering these functionalities and continue to invest heavily in further enhancing their platform with automation, behavioral analytics, and NLP technologies.
The Quadrant Knowledge Solutions SPARK Matrix™ includes a detailed analysis of global AML market dynamics, major trends, vendor landscape, and competitive positioning. The study provides competitive analysis and ranking of the major AML vendors in the form of SPARK Matrix™, providing strategic information for users to evaluate different vendor capabilities, competitive differentiation, and market positions.