Today Searchspace monitors almost 500 million accounts and 300 million daily transactions in the fight against global money laundering and financial crime. The product uses dynamic risk rating of all transactions in order to build an understanding of each customer as an individual. Uniquely the Searchspace Operational Data Store allows fast management and analysis of all transactions stretching back over months and in some cases years. The dynamic nature and rich catchments of the analytics lead to lower false positives and insights not available through manual process or rules based products.
Searchspace AML V5.0 comes pre-configured to address the primary needs of a financial institution to achieve rapid compliance and focuses on three key areas:
- Improving the quality of detection
- Extending the business logic functionality
- Enhancing the business process and workflow support.
V5.0 features include:
- Transaction level BLU - adds capability to write rules based on individual or multiple transactions enabling improved granularity of detection
- Customer level BLU - adds capability to write rules against individual customer activity across all of their accounts
- Alert export - enables alerts to be automatically directed to third party systems
- Alert wraps â enables alerts from legacy systems to be seamlessly integrated in the Searchspace system
- Authentication â allows integration into and with existing authentication systems
Improved business process/user experience:
- Event threshold editor â enables an easy, rapid and effective way of changing key individual and multiple parameters
- User definable workflow logic for routing alerts to specific users based on reasons and attributes of an alert
- Bulk user assignment of alerts to a user
"We are committed to constantly improving the performance of our anti money laundering and fraud detection solutions. Customer feedback based on multiple implementations in multiple geographies provides us with one very powerful source of market feedback. Improving detection rates, integration capabilities and usability, is at the core of our product development agenda and V5 represents a very significant advance on all these customer critical areas," said Jason Kingdon, CEO, Searchspace.