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
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1
Evaluation Data
– Many data sources
– Text, numbers
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2
Data Prep
– Data cleansing
– Data reconciliation
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3
Select & apply model
– Supervised
– Unsupervised
– Reinforcement
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4
Predict
– Visualize and review results
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5
Evaluate
– Additional inputs
– Error reduction
VELOCITY’S IMPACT ON BSA / AML COMPLIANCE
Built-In Machine Learning Powered With Data Resolution Tools
INTEGRATED AND ROBUST COMPLIANCE PLATFORM

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Structured and Unstructured Data
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SWIFT/ Transaction Data
Customer Data
Sanctions Lists
Watch lists
Third Party Data
External Sources

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

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

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

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Reporting
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Regulatory Reporting
Dashboards/ Reporting
FAQs
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What is Velocity anti fincrime solution suite?
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.
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What are the key features of Velocity anti fincrime solution suite?
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. -
Is Velocity anti fincrime solution suite scalable?
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.
-
Can Velocity anti fincrime solution suite integrate with existing systems?
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.
-
How does Velocity anti fincrime solution suite work?
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.
-
Is Velocity anti fincrime solution suite customizable?
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.
-
How does Velocity anti fincrime solution suite ensure data security?
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.
-
What is Velocity anti fincrime solution suite?
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.
-
How does Velocity anti fincrime solution suite work?
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.
-
What are the key features of Velocity anti fincrime solution suite?
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. -
Is Velocity anti fincrime solution suite customizable?
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.
-
Is Velocity anti fincrime solution suite scalable?
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.
-
How does Velocity anti fincrime solution suite ensure data security?
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.
-
Can Velocity anti fincrime solution suite integrate with existing systems?
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.