Get started with effective transaction monitoring in just 10 days
The need for effective transaction monitoring increases as the challenges of financial crime become greater and more cross-border. Nobly’s analysis tool restores control to financial institutions, enabling them to act more proactively and effectively in the fight against money laundering and terrorism financing.
Combat economic crime
Financial crime is a growing challenge, and the criminals’ methods are becoming more sophisticated, but the black economy always leaves a digital fingerprint. Therefore, transaction monitoring (TM) in the financial sector is essential to identify unusual events.
Extraordinary activities, dubious destinations, and mysterious timing of transfers can indicate a pattern of money transfers that suggests criminal activity. Transaction monitoring detects deviations and interesting observations, and when yellow or red flags appear, financial institutions can pass on the information, in a comprehensive and easy way, to the relevant authorities.
If financial institutions fail to report this, it can have serious economic consequences, but also the reputation of the companies can suffer a harsh fate.
Noblys solution for transaction monitoring not only gives back control. It also ensures that the bank’s policies and experiences regarding financial crime can be quickly incorporated into the models. Time is a crucial factor in identifying crime, withholding funds, and reporting individuals/companies.
New creative methods and models can be implemented quickly, and the solution can be operated by those responsible for identifying and reporting a suspicious event.
The quick setup and maintenance, which can be operated by non-IT specialists, ensures a quick time-to-market, where both risk and implementation costs are minimized.
The solution is based on Machine Learning, where knowledge is combined with data. The method is based on an assessment of relationships between different data points combined with specific alarms that are activated by a defined action.
6 advantages of Nobly’s solution
Fast setup and commissioning
Does not require IT specialist skills
Combines Machine Learning with the company’s own employees’ experience
Integration with case management system for the composition of the report package for the authorities
Specification of alarms for risk assessment
Possibility of real-time monitoring
Complete monitoring communication
Identification of suspicious behavior is a prerequisite for enforcing applicable legislation, but it cannot stand alone. The information must, of course, be available to the authorities. This means that observations must be collected and distributed in a way that is both secure and complete. Experience shows that authorities often request more information from the financial institution, delaying the process and the ability to stop the flow of money.
Nobly’s transaction monitoring covers the entire process, from observation and risk assessment to case processing and packaging of all the necessary information to submit the complete reporting basis.
From traditional Machine Learning to a modern solution
- Traditional Machine Learning methods require large amounts of high-quality data. Our approach to Machine Learning is built on expert knowledge and therefore does not require the same amount of data. You don’t have to wait.
- Data-driven Machine Learning models can be difficult to operate and maintain for non-experts. With our system, you can implement your policies quickly by leveraging your experts’ knowledge, which becomes an efficient tool for solving problems immediately. Get started in no time.
- Machine Learning models typically cannot be expanded incrementally. This means that one often must start over when a new model needs to be expanded or adjusted with new knowledge or data. Our solution uses step-by-step development so you can get started quickly and continually develop the models.
Specialists in the industry
Nobly are experts in information management and digitalization solutions. We are familiar with the challenges that our customers often encounter. At the same time, we excel at challenging our customers to elevate their business even further with the help of our solutions.
Future-proof your business now
If your company needs a modern solution for transaction monitoring that replaces the many complex, heavy, and manual processes that the organization struggles with on a daily basis, then contact Nobly.
Get inspired on how technology can work for your business against criminal actors and ensure compliance with existing and upcoming legislation. Regain control in just 10 days.