Feedzai’s AML Suite is Recognized By Top Analyst Firm

Forrester, a top global research and advisory firm, assessed 15 anti-money laundering (AML) solution providers based on 26 criteria. Feedzai was among the select group of vendors invited to participate in the firm’s 2022 evaluation. 

How Feedzai’s AML Solution Performs in the Forrester Wave Evaluation

We’re pleased to report that Feedzai received the highest possible scores in eight criteria: 

• execution roadmap; 
• enhancements: watchlist management; 
• internationalization, currencies, and reporting; 
• supporting services: developers;
• supporting services: professional services
• queue definitions and routing;
• governance;
• thresholds and processing.

According to the report, Feedzai’s “watchlist management plans are ahead of others in this evaluation, and the solution has disproportionately strong development and support staffing.”

How Our AML Solution Suite Stacks Up

What makes our AML Solution a strong performer? We believe it’s because our suite offers four distinct AML solutions in a single, consolidated system: 

1. Know Your Customer/Customer Due Diligence (KYC/CDD) with continuous risk profiling; 
2. Watchlist Management (WLM) Customer Screening with automated watchlist monitoring; 
3. WLM Payment Screening with real-time payment screening and fuzzy matching to reduce false positives; and
4. AML Transaction Monitoring, using machine learning risk scoring and prioritization. 

The combination of these four solutions is designed to manage AML across the full customer lifecycle, making it easier for compliance teams to detect suspicious activity. This approach enables financial institutions to more effectively manage financial crime risk by building a clear and cohesive profile of risk across both internal and external channels.

Feedzai’s AML Solution Suite Continues to Receive Acknowledgment

With this latest recognition from Forrester, Feedzai’s AML Suite continues to be recognized as a top solution by leading analytics firms. 

Earlier this year, the Quadrant SPARK Matrix: Anti-Money Laundering (AML) 2022 report praised Feedzai’s approach to AML. The SPARK report specifically highlighted the AML Suite’s ability to manage current challenges related to managing identity, real-time data analytics, and improving collaboration between different teams at an organization. 

The SPARK Matrix report pointed to several key features that earned Feedzai’s AML suite this recognition. They include real-time data ingestion, transaction monitoring, KYC/CDD, customer risk assessment and profiling, WLM, alert generation, alert/case investigation and disposition, omnichannel case management, and pre-configured workflows. The report also highlighted Feedzai’s visual link analysis tool for quickly detecting emerging fraud patterns.

How FIs’ AML Solution Needs are Shifting

The Forrester Wave report notes that “customers are eager to offload the operational burden of AML solutions — including hardware and operating systems maintenance and solution upgrades. They also wish to reduce their involvement and ownership of developing risk scoring models.”

Cloud reduces the total cost of AML solution ownership by enabling financial services organizations to expand their watchlist integration and management, screening, and investigation capabilities. FIs want to reduce false positive rates and deliver improved and friction-free customer experiences.

Forrester’s report recommends AML customers look for solutions that provide:

• “Extensive model governance: Regulators demand strong change control, explainability, and governance of models. This boils down to AML solutions that can manage data scientist workflows for model development, training, validation, and live deployment.”
• “Out-of-the-box, robust rule management and analysis for heuristic models: … [Forrester recommends] customers look for AML solutions that offer extensive rule versioning, side-by-side model comparisons (including rule performance), and rule authoring flexibility (both graphical and script-based rule writing).”
• “A variety of their own built-in and tested (supervised and unsupervised) AI/ML models: While some organizations possess internal skill sets to develop and own AI/ML models, Forrester routinely hears about financial institutions (FIs) that do not. These FIs require that the vendor offer them a set of built-in tested and supported models that they can either use as-is or customize with minimal effort.”

The report also notes, “Feedzai is a good fit for organizations looking to automate and streamline the AML model development using workflow templates and third-party risk scoring models.”

These continue to be exciting times for the world’s first RiskOps platform. Last year, Feedzai was designated a unicorn after a $200 million Series D investment round and acquired behavioral biometrics solutions provider Revelock. With this latest recognition from Forrester, we continue to demonstrate our commitment to keeping banking safer for financial institutions and making commerce safe worldwide.

Want to learn why Feedzai’s AML solution was recognized as a strong performer? Schedule a meeting with our team to learn how our solutions can help your compliance team keep pace with a rapidly-changing financial crime landscape.