With the US banking industry being subjected to increased regulatory pressure, M&I Bank joins a growing list of financial service providers that have adopted Searchspace's best of breed technology to detect money laundering and protect against fraud. Searchspace technology is capable of detecting known and unknown patterns of fraudulent behavior while minimizing costs through the reduction of false positives.
"To both comply with regulations and meet our commitment to operate on the basis of sound, honest and progressive business practices we were looking for the most complete and effective solution on the market today. M&I selected Searchspace based on its market leading capabilities and demonstrated ability to meet the needs of a large complex regional financial services company," said John Voss, Chief Technology Officer, Marshall & Ilsley Corporation.
Searchspace now monitors over 400 million accounts a day working with regional, national and global banks. Searchspace software enables organizations to automatically interpret and act upon vast amounts of data, assisting regulatory compliance, risk mitigation and brand protection. Every transaction is monitored for unusual activity, immediately notifying compliance staff about those that may require further investigation and providing them with an evidential audit to effectively manage the compliance process. Advanced and fully automated detection technology enables the capture of both known and unknown patterns of suspicious behavior.
"We are delighted that M&I Bank, who has built a strong reputation as an innovative and dynamic financial services organization, has selected our Anti Money Laundering solution. Financial institutions want best practice that is affordable, straightforward to implement and comes with real experience so as to offer a complete monitoring solution. They join a growing list of US banks adopting Searchspace technology to protect themselves against money laundering and fraud,"commented Jason Kingdon, CEO Searchspace.