South Africa’s Nedbank Uses FICO Technology to Stop Financial Crime

FICO (NYSE: FICO)

Highlights:

• Nedbank uses FICO technology to build a Risk Intelligence Centre to enable an integrated financial crime risk management framework
• The Risk Intelligence Centre identified a crime syndicate during the testing phase while initial production data was still being loaded
• Nedbank has won a 2024 FICO Decisions Award for AI, Machine Learning & Optimization

Global analytics software leader FICO today announced that Nedbank, one of South Africa’s largest banks, created an integrated financial crime risk management framework that uses FICO technology as part of the strategy to stop fraud, money laundering and other financial crime. Nedbank partnered with FICO to create the Risk Intelligence Centre (RIC), which consolidates relationships between entities and various financial crime risk factors into one comprehensive view. Nedbank has won a 2024 FICO Decisions Award for applying AI, Machine Learning and optimization to financial crime risk management.

More information: https://www.fico.com/en/fico-platform

“Nedbank's strategic collaboration with FICO reflects a dedication to staying ahead of financial crime threats, ensuring the safety of customer assets and maintaining the highest standards of integrity,” said Riana Horn, Risk Intelligence Centre, Nedbank.

Nedbank created an integrated financial crime risk management framework that not only enhances the prevention of financial crimes but also addresses related reputational and credit risks more holistically. Nedbank partnered with FICO to create the RIC, which consolidates data from multiple systems and decisions from different committees, streamlining processes such as offboarding relationships or closing accounts due to financial crime, and making this critical information available across the entire bank.

Partnering with FICO for Enterprise Financial Crime Risk Management

“We needed the right technology that could consolidate all relationships with an entity and integrate known financial crime risk factors into a unified view,” Horn said. “Our collaboration with FICO is reshaping the landscape of our financial crime risk management, providing a comprehensive and interconnected approach to safeguard against multifaceted threats.”

FICO technology powers the RIC’s consolidated repository through decision services, an application studio, and the FICO Identity Resolution Engine. The decision service harmonizes all known risk information to make informed decisions. The RIC was designed to enhance existing decision engines and detection systems, spanning client compliance, credit affordability, suspicious transaction monitoring, transactional fraud detection, employment and supplier vetting, among others.