VELOCITY’S COGNITIVE COMPUTING CAPABILITIES

Artificial Intelligence

Simulation of human thought processes in computerized modes – text, vision, language, contexts

Machine Learning

Computer programs
that can “learn” when
exposed to new data

Deep Learning

Multi-layer neural
networks that learn
from vast amounts of
data

Machine Learning – How it works in Velocity

  • 1

    Evaluation Data

    – Many data sources

    – Text, numbers

  • 2

    Data Prep

    – Data cleansing

    – Data reconciliation

  • 3

    Select & apply model

    – Supervised

    – Unsupervised

    – Reinforcement

  • 4

    Predict

    – Visualize and review results

  • 5

    Evaluate

    – Additional inputs
    – Error reduction

VELOCITY’S IMPACT ON BSA / AML AND FRAUD

CDD/EDD across Channels/BUs
  • Beneficial ownership network analysis
  • Real-time fraud prevention
  • Customer timeline to track profile changes
  • Dynamic risk model management
Clustering & Visualization
  • False positive reduction
  • Behavioral patterns monitoring
  • Funds flow and structuring
Structured/
Unstructured Data Processing
  • Data cleaning
  • Unstructured data from several sources
  • Global data format parsers with inbuilt data ingestion
Cognitive
Learning
  • Dynamic reporting
  • Deep Learning of human actions
  • Suggest and flag data errors-digital assistance

Built-In Machine Learning Powered With Data Resolution Tools

VELOCITY SOLUTION TO ENTITY RESOLUTION

A resolved entity is indexed for identification, adverse media alerts, TM-AML alert, KYC, and Sanctions. There are different ways to address the same person, different linkages to the same institution. With the best practices in mind, Velocity will include Machine Learning based, data and schema normalization, deduplication-focused, similarity & relationship tracing mechanism.

VELOCITY SOLUTION TO COUNTRY RESOLUTION
  • Resolving country name from multiple data sources
  • Resolved country names help in reducing the alerts in High-Risk Jurisdiction rule
  • Resolved country names help in accurate Customer Risk Rating
  • Machine learning models resolves data for unknown, incorrect, null and blank country name data records

Putting It All Together

Velocity FinCrime Suite
  • Artificial Intelligence and Machine Learning
  • Entity and Country Resolution
  • Natural Language Processing
  • RPA Digital Workers

Digital Workers in action

  • Exception Management
  • Automatic Data Reports Creation
  • Automatic Alerts Report Creation
  • Board Level Report Preparation
INTEGRATED AND ROBUST COMPLIANCE PLATFORM
  • Structured and Unstructured Data
  • SWIFT/ Transaction Data
    Customer Data
    Sanctions Lists
    Watch lists
    Third Party Data
    External Sources

  • Dynamic Processing and Analytics
  • Data Quality Management
    Filtering/ Fuzzy Logic
    Detection/ Matching/ Scoring

  • Alerts and Workbenches
  • Sanctions Screening Alerts
    Customer Risk Ratings
    KYC/CDD/EDD
    Transactions Monitoring Alerts
    FATCA Alerts
    ADMIN Tools

  • Workflow Management
  • Branch / BU’s
    Customer Onboarding
    On-Demand Screening
    Request For Information
    Alerts & Case Management

  • Reporting
  • Regulatory Reporting
    Dashboards/ Reporting

FAQs

    • Velocity anti fincrime solution suite is a comprehensive set of software tools and services designed to help financial institutions combat financial crimes, such as money laundering, fraud, terrorist financing, and sanctions violations. It combines advanced technologies like artificial intelligence, machine learning, and big data analytics to identify suspicious activities, streamline compliance processes, and enhance overall risk management.

    • The Velocity anti fincrime solution suite offers a range of features, including:

      1. Transaction Monitoring: Real-time monitoring of financial transactions to identify suspicious activities and unusual patterns.
      2. Customer Due Diligence (CDD): Robust KYC processes for verifying and assessing the risk associated with customers.
      3. Watchlist Filtering: Screening customer names and transaction details against global sanctions, politically exposed persons (PEPs), and other watchlists.
      4. Risk Scoring: Assigning risk scores to customers and transactions based on their likelihood of involvement in financial crimes.
      5. Investigation Management: Workflow tools for managing alerts, conducting investigations, and creating audit trails.
      6. Regulatory Reporting: Streamlined reporting capabilities to comply with AML and other regulatory requirements.
      7. Data Analytics: Advanced data analytics and visualization tools to gain insights and detect emerging trends.
      8. Case Management: Centralized repository for organizing and managing cases related to suspicious activities or regulatory inquiries.
      9. Compliance Dashboard: A comprehensive dashboard that provides an overview of compliance status, metrics, and key performance indicators.

    • Yes, Velocity anti fincrime solution suite is designed to scale and accommodate the needs of various-sized financial institutions. It can handle large volumes of data, process transactions in real-time, and support the growing demands of an expanding customer base. The suite’s architecture and infrastructure allow for scalability, ensuring it can effectively handle increased data and user loads.

    • Yes, Velocity anti fincrime solution suite is designed to integrate with existing systems within financial institutions. This integration allows for seamless data exchange between different systems and enhances overall operational efficiency. The suite can integrate with core banking systems, transactional databases, customer relationship management (CRM) platforms, and other relevant systems to consolidate data and provide a holistic view of financial activities.

    • Velocity anti fincrime solution suite leverages data from various sources, including internal transaction records, external databases, regulatory lists, and public sources, to analyze and detect potential financial crimes. It uses sophisticated algorithms and models to flag suspicious patterns, anomalies, and behaviors. The suite also enables efficient case management, investigation workflows, and regulatory reporting to ensure compliance with anti-money laundering (AML) and know your customer (KYC) regulations.

    • Yes, Velocity anti fincrime solution suite can be customized to meet the specific needs and regulatory requirements of different financial institutions. The suite can be tailored to align with the institution’s risk appetite, operational workflows, and compliance policies. Customization options may include configuring rules and thresholds, integrating with existing systems, and adapting the solution to specific reporting formats.

    • Velocity anti fincrime solution suite employs robust security measures to protect sensitive financial data. It adheres to industry-standard encryption protocols to secure data both in transit and at rest. Access controls and user permissions are implemented to restrict unauthorized access to the system. The suite also facilitates audit trails and activity logs to ensure accountability and monitor any potential breaches.

    • Velocity anti fincrime solution suite is a comprehensive set of software tools and services designed to help financial institutions combat financial crimes, such as money laundering, fraud, terrorist financing, and sanctions violations. It combines advanced technologies like artificial intelligence, machine learning, and big data analytics to identify suspicious activities, streamline compliance processes, and enhance overall risk management.

    • Velocity anti fincrime solution suite leverages data from various sources, including internal transaction records, external databases, regulatory lists, and public sources, to analyze and detect potential financial crimes. It uses sophisticated algorithms and models to flag suspicious patterns, anomalies, and behaviors. The suite also enables efficient case management, investigation workflows, and regulatory reporting to ensure compliance with anti-money laundering (AML) and know your customer (KYC) regulations.

    • The Velocity anti fincrime solution suite offers a range of features, including:

      1. Transaction Monitoring: Real-time monitoring of financial transactions to identify suspicious activities and unusual patterns.
      2. Customer Due Diligence (CDD): Robust KYC processes for verifying and assessing the risk associated with customers.
      3. Watchlist Filtering: Screening customer names and transaction details against global sanctions, politically exposed persons (PEPs), and other watchlists.
      4. Risk Scoring: Assigning risk scores to customers and transactions based on their likelihood of involvement in financial crimes.
      5. Investigation Management: Workflow tools for managing alerts, conducting investigations, and creating audit trails.
      6. Regulatory Reporting: Streamlined reporting capabilities to comply with AML and other regulatory requirements.
      7. Data Analytics: Advanced data analytics and visualization tools to gain insights and detect emerging trends.
      8. Case Management: Centralized repository for organizing and managing cases related to suspicious activities or regulatory inquiries.
      9. Compliance Dashboard: A comprehensive dashboard that provides an overview of compliance status, metrics, and key performance indicators.

    • Yes, Velocity anti fincrime solution suite can be customized to meet the specific needs and regulatory requirements of different financial institutions. The suite can be tailored to align with the institution’s risk appetite, operational workflows, and compliance policies. Customization options may include configuring rules and thresholds, integrating with existing systems, and adapting the solution to specific reporting formats.

    • Yes, Velocity anti fincrime solution suite is designed to scale and accommodate the needs of various-sized financial institutions. It can handle large volumes of data, process transactions in real-time, and support the growing demands of an expanding customer base. The suite’s architecture and infrastructure allow for scalability, ensuring it can effectively handle increased data and user loads.

    • Velocity anti fincrime solution suite employs robust security measures to protect sensitive financial data. It adheres to industry-standard encryption protocols to secure data both in transit and at rest. Access controls and user permissions are implemented to restrict unauthorized access to the system. The suite also facilitates audit trails and activity logs to ensure accountability and monitor any potential breaches.

    • Yes, Velocity anti fincrime solution suite is designed to integrate with existing systems within financial institutions. This integration allows for seamless data exchange between different systems and enhances overall operational efficiency. The suite can integrate with core banking systems, transactional databases, customer relationship management (CRM) platforms, and other relevant systems to consolidate data and provide a holistic view of financial activities.

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