The digital and financial solutions specialists, MoData, have partnered with Sygno, an Automated Machine Learning provider, to provide 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 works off the premise that instead of modelling fraud detection around the behaviour of criminals who are continually looking for loopholes to exploit, the focus should instead be on the behaviour of regular customers who aren’t.
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.”
This new partnership underscores MoData’s commitment to ensuring new and existing clients always have access to leading-edge products, services and solutions that meet their organisations’ needs in this ever-changing digital landscape. MoData’s financial crime and risk-management solution, MDS, empowers businesses to predict, prevent, detect and deter financial crimes in a transparent and responsible way, protecting businesses from reputational, regulatory, financial and customer risks. Clients are able to select only the offerings they require, thereby keeping costs down while remaining digitally relevant.
For the past three decades, MoData has been offering innovative, intuitive and intelligent digital business solutions for the financial services and retail sectors, including implementation, professional advisory services and support. The MoData team of specialists prides itself on its agility and entrepreneurial approach to finding smart solutions to clients’ needs, with an emphasis on cost optimisation, back-office transformation and customer satisfaction. Their diverse range of product offerings means they are able to provide businesses with everything they need to transform into effective digital organisations.
With deep roots in AI/ML and regulatory compliance for banks and payment processors, Sygno has obtained a profound understanding of the challenges financial institutions face in fraud and AML. As a result, Sygno has focused on building technology to plug into and enhance financial institutions’ existing environment, thereby strengthening both legacy systems and modern (cloud) architectures without the cumbersome projects associated with typical end-to-end projects.140