Digital and financial solutions specialist MoData has partnered with Sygno, an automated machine learning provider, to offer modular, cloud-native transaction monitoring models, including SaaS alert and case management capabilities to make holistic financial crime compliance more operationally agile.
The partnership will give MoData’s clients across the globe access to Sygno’s automated machine learning and case-management tools that flip financial institutions’ conventional approach to fraud and AML (anti-money-laundering) detection on its head.
Sygno Analytics leverages automated machine learning to extract patterns of good behaviour from transaction data and matches these against regulatory requirements to generate detection models. These models are system agnostic and can be consumed by any transaction-monitoring engine of choice.
By focusing on the normal behaviour of regular clients, anomalies quickly stand out, drastically cutting back on fraud and AML false positives, thereby saving financial institutions valuable time and resources as well as improving the customer experience.
In addition, through the implementation of Sygno Manager (SGM), banks and financial institutions can utilise one centralised application for all compliance processes. SGM is a fully configurable multi-channel, multi-process solution that provides enterprise alerts and case management for fraud and AML regulatory reporting, investigations and responses, giving a holistic overview of risk as well as a single view of clients. It provides reviewers with the right data to make the right decisions and automates the rest.
“We are delighted to be adding Sygno’s leading-edge solution to MoData Digital Service’s (MDS) offerings for our clients. This efficient and cost-effective solution enhances the bank’s existing detection systems, providing complementary capabilities without replacing their existing tech stack,” says MoData CEO, Darren Turnbull.
“The numbers speak for themselves: customers utilising Sygno achieve on average an 80% decrease in false positives and a more than 100% increase in true positives. Sygno provides an excellent solution for tier 2 banks, which do not have any real-time AI monitoring in place for fraud and AML.”