* Temenos' award-winning Financial Crime Reduction SaaS solution installed on the platform
Microsoft's Azure cloud offers global protection against financial crimes, whether it's fighting
against money laundering, filtering and comparison with pre-established lists or management of the
fraud, with a view to helping banks combat the increase in cybercrime resulting from the
Covid-19
* From Tier 1 international institutions to regional organizations and
neobanks, Temenos helps banks with its AI-based fraud management SaaS solution,
able to operate uninterrupted, even with remote workforces
GENEVA, Switzerland - (BUSINESS WIRE) - Temenos and Microsoft are partnering to deliver fast access to
Temenos' AI-powered Financial Crimes SaaS solution to help
banks to counter the sharp increase in cybercrimes during the Covid-19 pandemic
Temenos (SIX: TEMN), the banking software company, today announced the implementation of a
joint initiative with Microsoft to allow access to its anti-crime SaaS solution
(FCM for Financial Crime Mitigation) based on AI to enable banks to protect
their customers and their organization from the increase in financial crimes observed during the pandemic, while
particularly as banks have transitioned to working from home to protect their
staff. FCM's SaaS solution based on Temenos AI installed on the rapid cloud platform,
Microsoft's scalable and secure Azure can be deployed in weeks.
Temenos and Microsoft release access to banks for a 14-day trial period, until the 30
June. As part of its collaboration with Microsoft, Temenos offers system access and
online tutorials so users can familiarize themselves with navigating the software and learn
how it can help them in a disrupted operational context. Temenos announced this
free access initiative to its FCM software during the virtual event "Temenos Community Forum
Online” organized on April 29 and 30.
Temenos' FCM software provides enterprise-wide financial crime protection
business, in ever-changing, highly regulated environments. This protection
allows bank operators to react to alerts and collaborate with team members
while working remotely. Throughout the Covid-19 crisis, Temenos customers, whether
"Tier 1" category banks, regional organizations or neobanks, continued to benefit from
Temenos' extended FCM coverage even with teleworking teams.
Financial regulators around the world and organizations such as the Central Bank
report that the Covid-19 pandemic could lead to an increase in crime
financial and other crimes due to market disruptions, staff reductions and other
factors, as has already been seen in previous international crises. When new
threat vectors appear, fraudsters and opportunistic criminals adapt their methods and
target individuals and states in distress.
The Financial Action Task Force (FATF), the international standard setter in the fight against
money laundering and terrorist financing, calls upon companies to remain vigilant with regard to
emerging risks of money laundering and terrorist financing at a time when criminals
may seek to exploit loopholes and weaknesses in anti-money laundering/anti-money laundering systems
financing of terrorism (AML/CFT) assuming resources are mobilized elsewhere. The
Fraudsters have already been quick to adapt notorious fraudulent methods to target individual citizens, businesses and public bodies. Among these methods of various types are
adapted versions of phone frauds and scams related to supply and
decontamination.
Jean-Michel Hilsenkopf, Head of Operations at Temenos, said: "We are proud to be in
able to make available our cloud-native AI-powered technology to help banks fight
against rising financial crime as a result of the pandemic. As a strategic partner
Microsoft's global leader in banking software, we're excited to join forces to
offer Temenos' FCM SaaS software solution combined with Azure, the robust cloud platform
proven and secure from Microsoft. We are committed to providing efficient functionalities
anti-money laundering, know-your-customer (KYC), fraud management and benchmarking
up-to-date pre-established lists, combined with powerful filtering and transaction monitoring and
powered by AI to help banks around the world. »
Marianne Janik, Managing Director of Microsoft Switzerland, said: “We have been developing
progress on the cloud in collaboration with Temenos. We are proud to join forces to
helping banks harness the power of Temenos' market-leading FCM solution installed on
Azure, our robust, secure and scalable global cloud platform, to combat the sharp rise in
financial crime linked to the Covid-19 pandemic. »
More than 200 banks use Temenos' FCM SaaS solution, which covers screening and comparison
to watch lists, anti-money laundering, fraud prevention and activities
suspects, and know-your-customer by offering the industry's best levels of detection and a rate of
false positives of less than 2%, compared to the industry average of 7% and above. FCM's software
Temenos can be deployed standalone or integrated with any banking or
payment, including cloud-native and cloud-agnostic platforms Temenos Transact and Temenos
Infinity. The solution guarantees unparalleled adaptability and detection levels in the fight against
financial crime as well as over 50% savings in total cost of ownership (TCO). the
Temenos' FCM software empowers banks with AI-powered FCM capabilities
of the latest generation, whether in public cloud, as a service or on premises.
- End -
About Temenos
Temenos AG (SIX: TEMN) is the world leader in banking software. More than 3,000 banks across the
planet, including 41 of the top 50 banks, trust Temenos for day-to-day processing
transactions and interactions of more than 500 million banking customers. Temenos offers a
cloud-native, cloud-agnostic and AI-based software for the front office, but also enabling the
management of basic banking services, payments and funds and empowering banks
to offer their customers perfectly fluid multichannel experiences and to gain in excellence
operational.
Temenos' software has been proven to enable its top performers to achieve ratios
cost-income of 26.8%, half the industry average, and a return on equity of 29
%, three times the industry average. These customers also invest 51% of their IT budget in
growth and innovation and not in maintenance, i.e. twice the sector average, thus proving
that banks' investments in IT add tangible value to their business.
For more information, visit www.temenos.com.
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