Anti Financial Crime: SAP Fioneer adds functionality to Cloud for Banking offering
Walldorf, October 10, 2023 – SAP Fioneer, a leading global provider of financial services software solutions and platforms, announces an update to its Cloud for Banking platform: the Anti Financial Crime (AFC) capability. It will enable financial institutions to proactively address threats, seamlessly integrate real-time intelligence into their existing business processes, and significantly reduce compliance costs by up to 90%.
In 2019, the total value of fraudulent transactions using cards issued within SEPA and acquired worldwide amounted to €1.87 billion, as per a report of the European Central Bank. Recent data from pwc estimates the annual cost of financial crime, combining losses from fraudulent activity and non-compliance fines, at $3.5 trillion. These numbers are a representation of the risk financial services institutions are facing and subsequently their need to mitigate trust with their customers.
Available as part of the core Cloud for Banking platform, AFC adds risk management capabilities to the existing offering. It is compatible with a wide range of banking systems, and industry standards, as well as complete and traceable audit logging for transparency and compliance. AFC is compatible with the requirements to meet confirmation of payee-checks (CoP), as per decision of the European Commission. The platform leverages recurrent neural network technology and includes explainable AI-based assistance in justifying decisions, demonstrating the trustworthiness of data sources used to reach conclusions, correcting human error, and removing biases, while ensuring that trained subject matter experts retain full decision-making control.
Built on the SAP cloud platform, Cloud for Banking is a cloud-based software solution specifically designed for banks and financial institutions. As an omni-channel banking platform, it offers a comprehensive view of the customer across all aspects of their interactions and allows new products to be introduced rapidly to meet customer demand. Over 20 banks across the globe already rely on Cloud for Banking for core banking services.
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About SAP Fioneer (www.sapfioneer.com)
SAP Fioneer was launched in 2021 as a joint venture between global technology leader SAP and entrepreneurial investor Dediq to become the world’s leading provider of financial services software solutions and platforms. With a broad ecosystem of partners, over 800 financial services customers and more than 1,000 employees, SAP Fioneer is a global business present in 17 countries across Europe, North and Latin America, Middle East, Africa and Asia-Pacific.
By combining the speed and agility of a start-up with the proven capabilities of a best-in-class software company, SAP Fioneer enables banks, insurance companies and challengers to run, transform and grow while meeting their need for speed, scalability, and cost-efficiency through digital business innovation, cloud technology, and solutions that cover banking and insurance processes end-to-end.
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