Financial technology company FIS unveiled the first in a new series of solutions developed in partnership with C3 AI to help capital markets firms tap into the power of their organizational data to increase efficiency and better manage regulatory compliance and risk.

The new solution is the AML Compliance Hub, which leverages C3 AI’s advanced machine learning technology and the financial industry domain expertise of FIS to improve the efficiency of financial crime detection. Designed to help capital markets firms fight the increasing threat of financial crime, the machine learning-based platform aggregates and analyzes client data across disparate systems to enhance AML and KYC processes, with the goal of improving decision-making and reducing false positive alerts.

“As an early adopter of AI technology in our solutions, FIS is accelerating our investment in machine learning to help our clients better take advantage of the vast amount of structured and unstructured data within their systems,” Nasser Khodri, head of capital markets at FIS, said. “From cost savings through AI-powered automation to enhanced decisioning and analysis, AI offers great promise for forward-looking financial institutions that want to tap into their data for competitive advantage.”

Recent research from the FIS Readiness Report showed that 78% of capital markets firms plan to invest in AI in 2021 to advance their strategic goals.

“We predict that AI will increasingly be a vital tool for capital markets firms in a wide range of use cases and applications,” Sidhartha Dash, research director at Chartis Research, said. “AI has significant potential in the fight against financial crime through its ability to aggregate data and apply learnings from past events to automate decisioning. The technology also has great potential in streamlining workflows and cutting costs associated with onerous manual data review processes.”

The compliance hub will provide a dashboard view where users can view reports and receive alerts to key risk drivers, suspicious activity and AML scoring.

“Money laundering and other illegal activities are dynamic, fast-moving challenges for the financial services sector, and the data necessary to identify financial crimes are segregated across numerous disparate systems,” Ed Abbo, president and chief technical officer at C3 AI, said. “Existing rules-based detection systems generate an excessive stream of false positives that require costly and inefficient manual review and increase the risk of missed investigations. By leveraging C3 AI’s advanced capabilities to unify and analyze all relevant data using machine learning, the FIS AML Compliance Hub is a next-gen solution that can accurately identify, prioritize and report suspicious activity while simultaneously reducing the number of false positives.”