Today, the increase in real-time payments presents more opportunities for fraudsters. It’s critical for banks to use real-time fraud monitoring and prevention capabilities to catch channel-specific fraud. It is also essential for banks to reduce the number of false positives resulting in customer friction and sub-optimal fraud analyst productivity as well as give customers a unique banking experience.
Our joint solution with Clari5 works to directly address these challenges.
Firstly, real-time enterprise fraud management gives banks the power to easily monitor suspicious patterns across all transactions, in real-time. This makes it easier for banks to respond with the right action to pass, block, challenge transactions, or generate alerts for manual investigation.
Secondly, unlike existing AML systems that typically process transactions at the end of day, Vault Core and Clari5 combine a real-time approach to monitor and detect suspicious money laundering transactions which help AML compliance officers make the right decision at the right time.
Finally, Clari5’s Customer Experience Management capability makes use of Vault Core’s real-time data feed to analyse and interpret transactions intelligently in real-time to provide every banking customer a unique experience. Customers receive accurate conversation triggers, apt messages and relevant cross-sell /upsell opportunities.
Real-time customer intelligence
Thought Machine and Clari5 know that every banking customer is unique. Our integration allows banks to offer individualized customer experiences by analysing and interpreting every transaction intelligently and in real time. This gives banks the added benefit of in-stream product/service up-sell and cross-sell, next-best offers, loan early warning system and flags for customer disengagement.
Reduction in false positives
Through Clari5’s case management capability – banks benefit from a reduction in time spent by analysts on investigating false positives. This is enabled through the use of AI/ML driven models on past resolution data and supported by workflow-driven investigation in a configurable centralised or decentralised manner.
A unified solution across all channels
Banks benefit from Clari5’s single platform which covers money laundering and fraud risk mitigation, across all channels (digital and physical), products and services. This makes it easy for banks to construct a 360-degree view of customers, in real time.
Clari5 has built this integration to Thought Machine whereby Vault Core sends Clari5 transaction details via Kafka streams. The Kafka consumers in Clari5 identify the transaction details, and Clari5 uses the Vault platform’s Core and Streaming APIs to receive additional transaction details to create an entire transaction message and process it in the Clari5 rules engine. The solution responds with real-time alerts which equips the bank’s fraud analysts with actionable intelligence.
The solution can be integrated with other systems of the bank via integration mechanisms including REST APIs, messaging queues, Kafka, files, data staging, etc.
