Leading provider of real-time financial crime, risk and compliance software for the global banking sector CustomerXPs has for the 2nd consecutive year been positioned as an Enterprise Solution in the Chartis RiskTech Quadrant® for Enterprise Fraud Technology in the 2017 Financial Crime Risk Management Report.

Global risk technology research and analysis leader Chartis’ latest report covers the leading vendors of Financial Crime Risk Management (FCRM) systems. The RiskTech Quadrant® measures the vendors’ completeness of offering and market potential.

In this year’s Financial Crime Risk Management Systems Update Report, Chartis conveys how, against a background of more financial crime and shifting regulatory pressures, two trends are increasingly shaping Financial Institutions’ FCRM requirements:

  • Greater volumes of regulatory reports, notably Suspicious Activity Reports (SARs).
  • More complex relationships, involving correspondent banking, ultimate behavioral owners, and Open Application Programming Interface (API) banking.

The report includes:

  • A look at the main emerging trends in FCRM since their last report, and how these are affecting the overall narrative and landscape in this space
  • An analysis of how this is shaping FIs’ technology approaches and requirements, and how vendors of FCRM solutions are responding
  • Brief updates on the main categories of FCRM systems: Anti-Fraud; Anti-Money Laundering (AML; Know Your Customer (KYC; Watchlist Monitoring; and – new to this report – Trader Surveillance

In Chartis’ view, tackling these issues effectively will take the considered use of technology, people and process – all as budgets continue to tighten and financial crime gets more sophisticated.

The report states that while several technologies are proving useful, platforms/databases, Artificial Intelligence (AI) and entity resolution, are emerging as key elements in the development of effective new FCRM systems.

“CustomerXPs has a clear strategy for providing financial crime risk management technology to banks across the globe,” said Sidhartha Dash, Research Director at Chartis Research. “Their strong real-time fraud management capabilities, coupled with comprehensive cross-channel & cross-product coverage, ensured their position on the RiskTech Quadrant.”

Rivi Varghese, CEO, CustomerXPs added, “Chartis recognizing CustomerXPs once again echoes our continued customer success. Our AI-powered ‘central nervous system’ approach ensures that banks are able to benefit exponentially better with a unified cross-channel, cross-pollinated and real-time enterprise fraud management system that summons the collective wisdom in the short transaction window.”

CustomerXPs has also been recognised in the annual Chartis RiskTech100® rankings consistently since 2015. The rankings are globally acknowledged as the most comprehensive research of the world’s most significant risk and compliance technology companies.