Why Feedzai was named an AML leader in Quadrant Knowledge Solutions SPARK Matrix Report

The current anti-money laundering (AML) landscape is packed with challenges for banks and financial institutions (FIs). This includes meeting shifting regulations, following watchlists, and making sure customers aren’t blocked by false positives. These challenges are forcing organizations to reform their technology and embrace innovative solutions powered by advanced analytics to better detect new financial crime patterns, alert on suspicious behaviors, and improve their remediation process. Moreover, organizations are turning to solutions that automate risk assessment across the entire customer journey from onboarding through ongoing monitoring. Here’s why Feedzai’s AML Solution Suite was recently recognized by Quadrant Knowledge Solutions as an AML leader.

Quadrant Knowledge Solutions’ 2022 AML Report

Quadrant Knowledge Solutions is a global advisory and consulting firm that conducts research in multiple technology domains and their services provide strategic insights that help their clients make better informed decisions. The firm’s SPARK Matrix: Anti-Money Laundering (AML) 2022 report highlights significant market and technology trends and includes detailed evaluations for leading global AML vendors. 

The State of the AML Market

The Quadrant Knowledge Solutions notes how the modern financial landscape is rapidly changing thanks to the proliferation of online and mobile transactions. This makes it easier for criminals to launder money faster, easier, and at scale. 

Fortunately, FIs have access to more regulatory-friendly and innovative solutions and technologies to combat the complexity of money laundering schemes. These include artificial intelligence (AI), machine learning, robotic process automation (RPA), and advanced analytics. Meanwhile, organizations involved in cryptocurrency-based transactions will need solutions that can address crypto’s specific risks. 

The report also notes how the COVID-19 pandemic accelerated the growth of digitization and how consumers transact. This has caused regulators to focus on digital payments and associated financial crime risks. With increasing sophistication of financial crime activity, vendors are enhancing their solutions to optimize transaction monitoring setups to more effectively detect financial crime, including fraud prevention and AML. FIs are looking to optimize their AML program with a single platform that can create a comprehensive view of financial crime and perform cross-functional investigations. This includes reporting capabilities that enable FIs to support regulatory and compliance checks.

Feedzai’s AML Vendor Evaluation

Feedzai’s AML compliance ecosystem creates a unified view of risk. Organizations benefit from leveraging these four solutions since all risk indicators, alerts, and insights are centralized on one cloud platform.

  • KYC/CDD: FIs can screen customers against diverse data sources, watchlists, and adverse media to assess customer risk during onboarding and continually throughout the customer lifecycle;
  • WLM Customer Screening: This solution enables organizations to screen customers against diverse data sources, sanctions lists, PEPs, RCAs, and adverse media. Automatic updates to watchlists ensures FIs aren’t working with stale data. 
  • WLM Payment Screening: FIs can screen for potential matches in real-time for name variations on originators, beneficiaries, and within transaction details. 
  • AML Transaction Monitoring: Enables organizations to identify potential suspicious activity, reduce false positives, and gain operational efficiencies through visual link analysis, integrated reporting and whitebox explanations.

Illustration of four pillars of Feedzai's AML solution sheet

What Sets Feedzai’s AML Solution Apart

Keep Pace with Changing Digital Payment Methods

Customer behavior is indeed changing and increased digitization means banks and FIs must adapt to many, new payment types. Feedzai manages vast amounts of customer and transaction data to address illicit financial crime activities. Feedza’s AML solution uses both rules-based and behavior-based alerting to target known patterns and alert on suspicious behaviors.  

Access a Unified Fraud and AML Solution

The drive to combine fraud and AML operations is guided by the real world of financial crime as criminals operate across both these areas. Feedzai’s single platform provides an end-to-end fraud and AML framework with the ability to leverage insights from the fraud risk engine in the AML program – and vice versa. 

Continuous AML Innovation

Feedzai is a catalyst for evolution and focuses on creating new technologies to solve problems in a way that helps organizations prepare for the future. This includes enhancing Feedzai’s single platform capabilities, embedding digital trust across use cases, and developing advanced AI solutions. Feedzai continually invests in improving data sharing and consistent end-to-end omnichannel processes throughout all solutions and across all channels. 

Finding the right AML solutions vendor is key to meeting the needs of your business. Adopting a future-ready and intelligent solution helps keep pace with regulatory demand and boosts AML programs’ effectiveness and efficiency. 

Download your complimentary copy of the Quadrant 2022 SPARK Matrix Leader: Anti-Money Laundering report to learn what makes Feedzai a leader in the AML space.