- Bank of America launches AI–driven virtual financial assistant
- House of Lords Sub-Committee to ask how the financial services industry will share data post-Brexit?
- Interest-only mortgages halved in past six years, according to UK Finance
- Equifax works with HSBC UK on first live open banking credit application solution
- NatWest to become English National Ballet’s first Principal Partner
- Lloyds Bank launches SME infrastructure fund for Hinkley Point
- Barclays appoints Global Head of Exotics Trading and Head of Derivatives Trading EME expired
- Santander InnoVentures makes its first investment in Brazil expired
- RBS conference supports mental health and wellbeing expired
- Cambridge & Counties Bank predicts ‘stabilisation’ of UK residential property prices expired
- Oracle supports Carolina Fintech Hub Generation Blockchain Challenge expired
- WSB takes a proactive approach to privileged access management expired
24th April 2018
FICO fraud identification solution Falcon Assurance Navigator now available on AWS
FICO has announced that the latest version of its solution for identifying fraud, waste and abuse in procurement is now available on AWS. FICO Falcon Assurance Navigator applies advanced analytics to monitor the entire procure-to-pay lifecycle across procurement, T&E expenses, and purchasing/travel cards, as well as suspicious vendor behaviour.
“In today’s era of greater corporate accountability, it’s absolutely essential for organisations to take a comprehensive and systematic approach to rooting out unauthorised, wasteful or fraudulent spending activity,” said Doug Clare, Vice President of product management at FICO. “However, this is hard, because spending is spread across multiple systems. This results in internal audits that are manually intensive and focused on a small subset of transactions. By leveraging advanced analytics and continuous monitoring of all transactions, we help organisations identify far more unusual or incorrect transactions, and give their audit teams the time to focus on transactions and patterns that really need their attention.”
Falcon Assurance Navigator analyses a broad spectrum of transactions, including T&E expenses, purchase requisitions, purchase orders, invoices, payment requests, purchasing and travel cards. The solution applies a risk-based approach that helps organisations adhere to multiple compliance regimes, including in-house policies, government and private grant requirements, and departmental guidelines.
“Falcon Assurance Navigator on AWS combines the power of FICO advanced analytics and the benefits of AWS,” Clare said. “FICO customers now have a lower-cost solution that can dynamically scale to handle challenging swings in transaction volumes as well as high loads during peak usage.”