BAE Systems announced that its NetReveal® financial crime and compliance platform has been recognized by Aite Group’s Case Management Vendor Evaluation: Keys to Enterprise Success Report as a leader in link analysis and visualization for anti-money laundering (AML) and fraud prevention.
Financial Institutions (FI) are facing rising anti-fraud and compliance costs; multiple data sources, siloed systems and variable data quality combine to impede investigation efficiency, making it difficult to adapt to emerging regulatory requirements and fraud patterns and impairing the FIs’ ability to achieve a single risk based view of its customers and their counterparties.
NetReveal helps large and mid-sized banks and large securities and investments firms to quickly identify organized financial crime and better detect and prevent illicit transactions from entering the financial payments system. NetReveal’s link analysis evaluates relationships and patterns between different parties while monitoring all accounts and activities in a network providing enhanced fraud detection and prevention, while its configurable alert and case management features provide advanced alert optimization and investigation efficiency benefits.
Aite Group recognized NetReveal for its open architecture, configurability, ability to ingest information from disparate systems, system dependability and sales support excellence.
In June, Aite Group also named BAE Systems a Leader in the AML Market and Leader in the Large FI Market in its Global AML Vendor Evaluation Managing Rapidly Escalating Risk Report. This award was given to BAE Systems due to its large installation base with large banks, its high level of client satisfaction and its demonstrated commitment to ongoing innovation as well as its high level of acceptance among regulators.
Julie Conroy, Research Director, Aite Group, said: “Fighting financial crime has been likened to fighting a war, with analytic solutions becoming the weapon-of-choice against money laundering and fraud. Financial institutions need solutions that allow them to quickly and efficiently detect anomalous activity. Given the rapidly changing landscape, they also need a vendor committed to ongoing product evolution and support.”
Tim Harvey, President, Commercial Solutions, BAE Systems Applied Intelligence, said: “The sophistication and volume of financial crime has resulted in greater need for rapid risk identification and defense. NetReveal is designed to assist investigators who have to make fast, risk-based decisions and quickly respond to threats. We’re honored to be recognized by Aite Group for the work that we’ve done to help financial institutions address their compliance obligations.”