NetReveal Transaction Screening by SymphonyAI helps financial institutions identify transactions involving high-risk individuals and entities, even under increasing regulatory scrutiny. The solution aims to minimize false positives and streamline regulatory reporting, with a deployment timeframe of twelve weeks.
Key Features:
- Real-Time Sanctions Screening: Provides global coverage and automated updates, using AI-driven analytics to detect sanctioned entities and track beneficial owners.
- Context-Aware Network Analysis: Enhances investigation effectiveness by enriching and prioritizing high-risk alerts, considering the context, history, and risk associated with transactions.
- Real-Time Regulatory Compliance: Ensures compliance with internal, domestic, and international watchlists, integrating new watchlists within 15 minutes.
- AI-Powered Intelligent Event Triage: Prioritizes higher-risk alerts and manages lower priority alerts for later investigation.
- Advanced Algorithms: Incorporates market-leading algorithms such as Weighted Optimal String Alignment (W-OSA), weighted words, and concatenated name matching to improve identity verification accuracy and reduce false positives.
- Match Exclusion Technology: Reduces false positives by 40% to 60% by excluding known false positives without compromising filtering accuracy.
Benefits:
- Minimized False Positives: Dramatically reduces the number of false positives, allowing investigators to focus on genuine risks.
- Enhanced Investigations: Offers intelligent, context-aware matching through SensaAI, which combines Predictive and Generative AI for accurate detection and fewer false positives.
- Cost and Efficiency: No upfront costs and trusted by 50% of the largest European banks, offering a proven track record with 20 years in compliance solutions.
Outcomes:
- 70% reduction in false positives using match exclusion technology.
- Faster and more accurate identification of high-risk transactions.
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