South Africa’s Nedbank Uses FICO Technology to Stop Financial Crime - Seite 2

“A critical requirement was the establishment of robust identity resolution capabilities that can ingest data from internal and external sources,” Horn added. “That is the pivotal role played by the FICO Identity Resolution Engine. It enables the creation of a singular entity view, the clustering of links between individuals and organizations, and the identification of relationships with Nedbank. It will empower us to explore further degrees of separation between potential criminal groups and other accounts, staff, suppliers, etc. — these data separations allow financial crime to thrive. The sophisticated capabilities of FICO technology position us to proactively address and mitigate these risks.

“The RIC’s key advantage lies in its flexible design capability, allowing us to incorporate new data without necessitating a redesign of our core system architecture. This allows us to ingest data dispersed across legacy and target architecture without any major changes being needed,” said Horn. “The collaborative synergy between FICO Platform and our evolving cloud architecture will enable a seamless migration of the decision service to FICO Platform in the next phase, preserving data integrity and reinforcing our commitment to proactive financial crime prevention.”

“Through the Risk Intelligence Centre, Nedbank positions itself at the forefront of innovation in financial crime risk management, reinforcing its commitment to safeguarding its clients' interests in an ever-evolving financial landscape,” said Nikhil Behl, chief marketing officer at FICO. “We are proud to be part of Nedbank’s innovation in tackling financial crime and protecting its customers and its reputation.”

“Nedbank's approach to financial crime risk management truly stands out, showcasing a deep understanding of the interconnected nature of risks across diverse relationships,” said Andrew Birmingham, editor, Mi3 and one of the FICO Decisions Awards judges. “The establishment of robust identity resolution capabilities enabled a view of the clustering of links between individuals and organizations critical to finding nefarious activity. We were also particularly impressed by the innovative thinking that went into breaking down the siloed structures typical of banking operations.”