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Banking Risk

Intelligent transaction monitoring has become a critical part of the financial institutions arsenal in fighting illicit transactions. Intelligent transaction monitoring is the natural evolution of traditional transaction monitoring brought about by the introduction of artificial intelligence technologies. The Merlynn iTM (Intelligent Transaction Monitor) solution is differentiated by its ability to digitize and then incorporate expert-based insights into high volume transaction monitoring environments. Solutions that think like expert assessors.

The Business Challenge

Transaction Monitoring

Key assets within the financial institution would include the transactions that flow within the organization. These transaction assets represent both opportunity (cross sell, migration, retention…) as well as risk (compliance, fines, brand damage..). 

Transaction assets come with significant responsibility brought on by the industry regulators. 

 

Regulators

Regulatory compliance continues to place strain on the resources of the financial institution. The challenge being that the compliance process will most often require the intervention of the human expert assessor. This is immediately a bottleneck in a high transaction environment. The most significant risk in this regard relates to the shifting of responsibility for the interpretation of the regulation to become the responsibility of the financial institution. The result…spikes with the associated increase in false positives.

 

False Positives

Clearing false positives is a global challenge. False positives occur when a financial institution's internal systems flag a transaction as being potentially illicit and therefore requiring further investigation. Financial institutions have large teams of expert assessors manually clearing false positives or alternatively creating STR’s (suspicious transaction reports). The sheer volume of transactions mean that there is a misalignment between volume and transaction processing capacity resulting in negative conversion rates. ITM allows for near limitless capacity increases. 

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