Latest update to Featurespace’s ARIC Risk Hub™ delivers enhanced real-time defence against fraud and money laundering


10-09-2021

The latest update to Featurespace’s™ ARIC Risk Hub brings together fraud detection and anti-money laundering (AML) to streamline case management and deliver the most advanced real-time Enterprise Financial Crime detection capabilities for analysts and investigators.

"Our machine learning models are proven to be the best in the world, and we continually invest in new technologies to analyze the entire payment journey and provide customers with greater controls and insights in the fight against financial crime.” said Dave Excell, Founder and President of Featurespace.

Key ARIC Risk Hub v3.19 product enhancements include:

  • AI-powered investigation with enhanced Case Management: the latest version of the ARIC Risk Hub delivers enhanced case management for anti-money laundering teams. This will streamline compliance operations and help investigators to organize, prioritize and manage investigations, all within the ARIC Risk Hub.
  • Optimized, user friendly case workflow: workflows can be set and edited to match business requirements. This ensures cases include all the relevant information and evidence needed to investigate, escalate or close a case. The user-friendly interface enables investigators to easily assign alerts, transactions or add more information to existing cases across multiple customers or entities. This is valuable to give investigators a view of the full scope of the suspicious activity being investigated.
  • Unified view across customers involved in suspicious transactions: ARIC Risk Hub v3.19 automatically raises an alert when a pattern of suspicious behavior is identified, so investigators can create and manage cases directly from alert reviews. Integrations with third-party case management systems are also possible and the ARIC Risk Hub will reflect any escalating actions of alerts within the existing case management system. Another key benefit is the option to enrich the incident management process by enabling investigators to view images of checks, proofs of identity, scanned and other documents stored in third-party systems. Investigators can compare documents side-by-side and compile visual evidence to prove or strengthen the case directly from the alert they are reviewing.

“Enhancements in ARIC Risk Hub v3.19 are in direct response to specific industry needs and feedback from our customers,” continued Dave Excell. “Looking ahead, our innovation focus is on enhanced cloud capabilities and pioneering work around our ‘out of the box’ machine learning models.”

According to Aite-Novarica Group, increases in the volume and sophistication of financial crime attacks are driving elevated investments in machine learning platforms and ecosystems, as financial institutions seek to optimize the balance between loss reduction, operational efficiency, regulatory compliance, and seamless client experiences.

To read more information, click 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.

Featurespace Ltd