MIDDLETON, Mass. and AUSTIN, Texas, June 22, 2021 /PRNewswire/ -- While the pandemic disrupted markets along with how we work and live, the past year also saw a steady increase in financial crime. Recent reports estimate the amount of money laundered globally in one year is 2-5% of global GDP, or $800 billion-$2 trillion in current US dollars1.
Given the challenges that lay ahead, Oracle is proud to be recognized for helping financial institutions use intelligent technology to help identify bad actors and stop crime faster. Oracle Financial Crime and Compliance has been ranked by global advisory and consulting firm Quadrant Knowledge Solutions as a Technology Leader in the recently released SPARK Matrix™, Anti-Money Laundering (AML), and Know Your Customer (KYC) 2021 solution reports. The Quadrant Knowledge Solutions in its proprietary SPARK Matrix evaluated more than 15 technology vendors in a competitive assessment against key dimensions of functionality, customer impact, investments, and innovation.
In the SPARK Matrix™: Anti-Money Laundering (AML) Solution, 2021 report, Oracle Financial Services Anti Money Laundering is named a Leader, ranking above all of the vendors in Customer Impact. It also secured a high position for Technology Excellence. Oracle AML is recognized for offering comprehensive monitoring, detection, investigation, and reporting of activities related to money laundering across products and channels. Oracle also embeds innovative technologies such as AI, machine leaning, robotic process automation, graph analytics, natural language processes, and others in its financial crime and compliance management product suite to drive efficiency and productivity.
In the SPARK Matrix™: Know Your Customer (KYC) Solution, 2021 report, Oracle Financial Services Know Your Customer is again named a Leader. Oracle KYC also ranked high in Technology Excellence. Oracle offers seamless KYC capabilities for its customers to address their regulatory compliance objectives and build accurate customer risk assessments through integrated, data-driven and intelligent digitization.
According to Divya Baranawal, Research Director at Quadrant Knowledge Solutions, "Oracle offers industry-leading AML and KYC/CDD solutions powered by technologies like AI, ML, Graph, and other advanced analytics capabilities. Oracle's AML solution offered through its FCCM suite provides comprehensive data ingestion, watchlist screening, sophisticated transaction monitoring, real-time risk scoring, and advanced analytics for robust fraud detection while enabling superior customer experience. Oracle's FCCM suite offers seamless KYC/CDD capability with intelligent, multi-dimensional risk scoring, actionable risk assessments, and omnichannel and digital connectivity throughout the customer lifecycle."
Divya further adds, "What stood out with Oracle was the company's ability to embed new and innovative capabilities into its solutions with the pragmatic lens of delivering value, enterprise adoption, and scale."
"For more than 25 years, Oracle Financial Crime and Compliance Management has helped financial institutions protect their integrity, ward off criminals, and achieve compliance with our anti-money laundering and KYC solutions," said John Edison, head of Financial Crime and Compliance Management Products, Oracle Financial Services. "Oracle's recognition as a leader in Quadrant's SPARK Matrix™ 2021 reports demonstrate our commitment to delivering innovation and value to our customers. With the latest in AML and KYC technologies, we are bringing together unrivaled data management with proven applications that embed advanced analytics, and flexible deployments on cloud or at our customers' data centers."
About Oracle Financial Services
Oracle Financial Services provides retail banking solutions, corporate banking, payments, asset management, life insurance, annuities, and healthcare payers. With our comprehensive set of integrated digital and data platforms, banks and insurers are empowered to deliver next-generation financial services. We enable customer-centric transformation, support collaborative innovation, and drive efficiency. Our data and analytical platforms help financial institutions drive customer insight, integrate risk and finance, fight financial crime, and comply with regulations.