Offers the combined benefit of reduction in false positives without increasing monitoring risk
Logica, an IT and business services company, launched the new self-learning module for its payments filtering solution, HotScan. HotScan Self Learning (HSL) enables banks to reduce false positive alerts in sanctions filtering by intuitively learning from users’ previous actions.
Logica claimed that following tests against 359,000 payments messages from a global bank, HSL was observed to reduce alerts raised by more than 50%without reducing the accuracy or narrowing the net.
John Evans, director of financial crime solutions at Logica, said: “Banks are facing limited resources, tougher regulation and growing payments volumes. Filtering systems must therefore be able to scale-up to manage these challenges, with some banks employing hundreds of people to review alerts, it is crucial that their resources are used in the most productive way possible.
Our Self-Learning module is the solution available that offers the combined benefit of a massive reduction in false positives without increasing monitoring risk.”