Quadrant Knowledge Solutions Names Feedzai a Leader in Anti-Money Laundering

Criminals are growing increasingly sophisticated and innovative in their efforts to launder money and conceal the sources of their ill-gotten funds. With a wide range of digital tools at their disposal, legacy anti-money laundering (AML) solutions struggle to detect trends or uncover financial crime before criminals can move their funds and disappear. What’s more, some banks’ financial crime teams still operate in silos. This leaves fraud prevention and AML personnel often engaging in disjointed communications. At the same time, some banks rely on manual and outdated AML workflows. These tools are insufficient in the digital crime-fighting era.

This arrangement creates a disparate and incomplete view of risk. It also opens a window of opportunity for financial criminals to continue their operations undetected. Here’s how Feedzai addresses money laundering differently to stand out as a 2023 technology leader.

How Machine Learning and Automation are Shifting the Financial Crime Fight

Merging data from multiple sources complicates AML efforts. Instead, banks need a holistic view of their customers’ behaviors to tackle money laundering and high-risk transactions effectively. 

That’s where RiskOps comes into play. It blends automation and machine learning, allowing financial institutions to upgrade their existing AML legacy systems. RiskOps provides a comprehensive view of customer behaviors and the risk landscape to enable stronger financial crime detection. Merging these concepts enables financial crime and compliance professionals to shift their focus away from time-consuming manual tasks and processes. Implementing automation, for example, frees up staff to focus on other tasks and improves the financial institution’s AML overall efficacy. Meanwhile, machine learning solutions enable staff to quickly uncover financial crime patterns that may have gone undetected before.

Pedro Barata, Feedzai’s Chief Product Officer, emphasized how our commitment to delivering the most effective fraud and financial crime prevention solution possible for our customers drives our passion for research into continuously enhancing our products.

“At Feedzai we combine machine learning and automation to create a more holistic view of the risk landscape and a stronger way of detecting financial crime,” said Barata. 

“Our investment in R&D, our knowledge of this space, and our approach to innovation have helped provide financial organizations with a single partner to tackle all their financial crime needs, and we are honored to have been selected as a leader in the field,” Barata added. 

Why Feedzai Was Recognized as an AML Leader in the Spark Matrix™: Anti-Money Laundering Report

Quadrant Knowledge Solutions’ SPARK Matrix™ report highlighted several features in Feedzai’s AML solution that helps it stand out. These features include:

• Using machine learning models for behavioral profiling 
• Using machine learning models for alert prioritization
• Enhancing financial institution’s productivity with visual link analysis tools and whitebox explanations

“With its comprehensive functional capabilities, strong customer value proposition, and compelling ratings across customer impact and technology excellence parameters, Feedzai has been recognized as a leader in the 2023 SPARK Matrix™: Anti-Money Laundering report,” said Quadrant Knowledge Solutions analyst Vaishali Moitra.

The report continues a recognition trend for Feedzai over product excellence. A few months ago, Quadrant Knowledge Solutions recognized us as a leader in behavioral biometrics. Last year we were also recognized by IDC MarketScape as a leader in responsible artificial intelligence and a Fraud Impact Award winner by Aite-Novarica Group.

This latest recognition further demonstrates Feedzai’s ongoing drive to make payments and commerce safer for everyone. It also highlights our devotion to helping our customers enhance their work in stopping financial crime, helping fraud prevention and AML teams collaborate more effectively, and enabling financial institutions to protect their brands and bottom lines by quickly detecting and responding to high-risk activities.