The ‘Noteworthy Solution’ award highlights their ONEBanking Risk & Analytics platform’s advanced technology and machine learning capabilities.
Singapore-headquartered technology firm, Azentio Software, owned by funds advised by Apax Partners, has achieved a significant milestone by being featured in Celent’s highly anticipated report, “Financial Crime Compliance Technology: AML Transaction Monitoring Edition – 2023.” Celent, a leading research and advisory firm focused on technology for financial institutions, recently published its Technical Capabilities Matrix as part of the report, where Azentio’s AML Transaction Monitoring was identified under the esteemed “Noteworthy Solution” category.
The comprehensive report examines the capabilities of AML transaction monitoring systems provided by software vendors worldwide, aiming to cater to the evolving technology requirements of financial institutions. By positioning systems across three essential dimensions, namely Advanced Technology, Breadth of Functionality, and Customer Base & Support, Celent helps regulated companies gain a better understanding of the vendor landscape and compare solutions effectively.
Azentio’s ONEBanking Risk & Analytics platform, the driving force behind the company’s “Noteworthy Solution” recognition, is currently leveraged by over 100 financial institutions globally. This domain-agnostic platform, built on a robust microservices architecture, stands out for its utilization of advanced analytical and investigative tools that convert routine data into actionable intelligence. By harnessing the power of machine learning-based predictive analytics, the platform excels in identifying suspicious activities both at the transaction and customer levels.
The Azentio ONEBanking Risk & Analytics platform offers a host of cutting-edge features that have been instrumental in its recognition. Notable components include profile deviations and pre-defined rules that facilitate the identification of suspicious transactions, a graphical link analysis module to uncover static and transactional links between entities, and a remittance module designed for efficient monitoring of online payment transactions.
Neil Katkov, PhD, Director of Risk at Celent and one of the report’s authors, praised Azentio’s AML Transaction Monitoring solution for its impressive attributes. He highlighted its strong price performance, machine learning-enabled detection, extensive rules library, network analysis capabilities, and its ability to facilitate regulatory reporting across multiple jurisdictions. Additionally, Azentio’s implementation and support capabilities received high praise from the firm’s satisfied clients.
L Guru Raghavendran, Senior Vice President of Banking & Capital Markets at Azentio Software, expressed his appreciation for the recognition and emphasized the significance of robust and agile technology platforms in addressing today’s complex transaction monitoring requirements. Raghavendran underscored the platform’s role in helping financial institutions analyze vast volumes of data to proactively identify fraudulent activity patterns. Azentio’s commitment to continuous improvement and investment in its financial crime management solution, driven by features such as business intelligence and machine learning, is geared towards benefiting their clients and fostering customer satisfaction and business growth.
The acknowledgement of Azentio’s AML Transaction Monitoring solution in Celent’s prestigious report serves as a testament to the company’s dedication to providing cutting-edge technology solutions to the financial industry. With a focus on innovation, efficiency, and customer success, Azentio remains at the forefront of empowering financial institutions to combat financial crimes and safeguard their operations in an ever-evolving landscape.