Featurespace™ has been recognised for market leading AML innovation and client service as part of Aite-Novarica Group's 2021 Fraud & AML Impact Innovation Awards.
Featurespace wins Aite-Novarica Group's 2021 Impact Innovation Award
“With advanced and explainable anomaly detection capabilities, Featurespace’s ARIC Risk Hub enables financial organisations to identify current and emerging financial crime risks and events automatically and in real-time.” said Aite-Novarica Group Research Director Chuck Subrt.
Critical to the win was ARIC Risk Hub’s ability to adapt to criminal activity and identify unknown risks, while also providing greater uplift for financial crime detection and enabling smarter investigations. In addition, Featurespace has introduced a new method of explainability to quantify the uncertainty in machine learning model outputs and identify the aspects driving the underlying decisioning.
“Continued innovation is central to our mission to protect customers from the rising threats of fraud and financial crime and reduce their business risk and cost.” said Martina King, CEO of Featurespace. “We are committed to solving real world financial crime problems and it is a real honour to see our technology recognised for its performance, and our team acknowledged for their care, academic rigor and expertise.”
The awards will be presented at Aite-Novarica Group’s Fourth Annual Financial Crime Forum on September 14 and 15, 2021, during which Featurespace will join Navy Federal Credit Union, Truist Financial and Axcess Financial for a moderated panel (Open Platforms: Orchestrating Fraud and AML Detection – Tuesday, September 14 from 4:00-4:45 p.m. ET).
Featurespace’s unique approach to enterprise AML transaction monitoring is based on profiling good behavior, providing financial institutions with a 360-degree risk view across customers. In addition, advanced and explainable anomaly detection capabilities enable financial institutions to identify existing, as well as new and emerging financial crime risks and events automatically and in real-time. Earlier this year, ARIC Risk Hub’s industry-leading rules and machine learning models received recognition for innovation with HSBC (read the case study here).
Featurespace™ is the world-leader in Adaptive Behavioural Analytics and creator of the ARIC™ platform, a machine learning software system developed out of the University of Cambridge.
Headquartered in Cambridge, UK, and Atlanta, US with additional offices in London, UK, and New York, US. Featurespace has deployed ARIC to organisations that have services or products deployed in over 180 countries.