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Home Machine Learning

Can Machine Learning Improve Fraud Detection?

November 10, 2019
in Machine Learning
Can Machine Learning Improve Fraud Detection?
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Our free fintech update also offers news from CLS, BNY Mellon, Swift, EBA Clearing and Liquidnet.

New Capability Leverages NICE Actimize Network   

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NICE Actimize, a specialist in autonomous financial crime management, has introduced its federated learning capability intended to provide financial services organizations with higher fraud detection rates across numerous fraud scenarios.

The new capability operates “by leveraging NICE Actimize’s Collective Intelligence network. With this … cloud-based approach that uses machine learning analytics,” financial services organization can “protect their institutions more effectively against multiple fraud typologies, including real-time payments fraud, while improving customer experience,” the vendor says in a statement.

NICE Actimize “monitors more than 3 billion transactions every day through its global network of financial services organizations.” the company adds. “This extensive coverage provides significant collective intelligence and a view of multiple fraud scenarios across the market.”

NICE Actimize is a unit of NICE itself, which provides “both cloud and on-premises enterprise software” capable of analyzing both structured and unstructured data, the vendor’s statement says.

CLS Names Chief Risk Officer

Deborah Hrvatin

CLS, a market infrastructure group delivering settlement, processing and data solutions, reports the appointment of Deborah Hrvatin as its new chief risk officer. “As a member of the executive management committee she will lead the risk function globally,” the provider says in a statement.

Hrvatin joins from Citigroup, where she was global head of operational risk management for the institutional clients group. Her new mandate includes responsibility for “CLS’s risk management framework and for building an enhanced culture of risk identification, challenge and mitigation,” according to CLS.

Prior to joining Citigroup in 2017, Hrvatin spent 22 years with Deutsche Bank. She began her career in financial services as a commissioned bank examiner with the Federal Reserve Bank of New York.

BNY Mellon Adds to Singapore Presence

BNY Mellon, an investment-management and investment-services specialist is reporting new initiatives in Singapore. The company established its Singapore presence in 1974, it says, and opened a Singapore innovation center in 2016.

“We are excited to deepen our relationships with [the Monetary Authority of Singapore] and other financial leaders to drive innovation and collaboration,” the company says in a statement.

BNY Mellon also has joined ASEAN Financial Innovation Network, established in 2018 to “facilitate innovation and cooperation between financial institutions and fintechs in an effort to digitally transform the banking and financial sectors across southeast Asia to ultimately drive financial inclusion,” according to BNY Mellon.

BNY Mellon will be an advisor to the board through its representation on the strategic advisory council, where Hans Brown, global head of innovation, will represent BNY Mellon.

As of Sept. 30, 2019, BNY Mellon, the corporate brand of The Bank of New York Mellon Corporation, had $35.8 trillion in assets under custody and/or administration, and $1.9 trillion in assets under management.

SWIFT & EBA Clearing Advance EURO1 Migration

SWIFT headquarters

Financial messaging and systems cooperative SWIFT and EBA Clearing have  begun the development phase of a migration of the large-value payment system EURO1 to the ISO 20022 standard, which is the next step in a transformation they started last year, officials say.

SWIFT officials explain that they have provided the messaging layer for EURO1 and served as processing agent for the system operated by EBA Clearing since its launch in January 1999.

“The two organizations will work toward a November 2021 completion date to correspond with the deadline for the ISO 20022 migration of the Eurosystem’s TARGET2 platform,” officials say. “The goal is to align specifications and milestones to minimize efforts by market participants during the transition and ensure seamless intraday switching between both euro payment systems.”

The ISO 20022 migration is part of a larger effort that SWIFT and EBA announced last year “after a comprehensive consultation with EURO1 users,” officials say.

“The project seeks to evolve EURO1 in line with user expectations while maintaining benefits such as liquidity efficiency, immediate payment finality, cost-effectiveness and added resilience for high-value payments,” officials say. “The first deliverables, including a dashboard to enhance liquidity monitoring capabilities of EURO1 users, will be implemented before the end of 2019.”

The ISO 20022 standard is being used for “a new language and structure for payments information, enabling the exchange of more and higher quality data that in turn improves efficiency, compliance and client experiences,” officials say. “Payment systems of all reserve currencies are moving to the standard, and SWIFT has put in place a robust program to facilitate community-wide adoption.”

“EURO1 users can count on us to support them throughout and deliver the same robust security, resilience and reliability that are hallmarks of the SWIFT network,” says Alain Raes, chief business development officer for SWIFT, in a prepared statement.

Liquidnet Promotes to Fill CTO Position

Patrick Strobel

Liquidnet, an institutional investment network provider, has promoted Patrick Strobel to the position of chief technology officer (CTO) from the role of head of technology in EMEA, officials say.

“As CTO, Strobel will oversee the company’s overall technology strategy, including product development for Liquidnet’s three business verticals, middle office solutions, data and analytics solutions, and overall systems architecture,” officials say.

Strobel will also have to align the company’s technology offerings “following the recent acquisitions of Prattle and RSRCHXchange earlier this year,” officials add.

“We’re excited to have Patrick expand his role with us and take on the mantle of CTO. Patrick will be instrumental in designing and executing our technology vision and goals as we enter 2020,” says Rob Laible, Liquidnet’s chief operating officer (COO), in a prepared statement.

Strobel has more than 20 years’ experience delivering IT solutions. Before joining Liquidnet, he spent 15 working within technology teams at Deutsche Bank and JPMorgan, most recently serving as CTO/Domain Architect for CB&S Finance and Common Data Sourcing, officials say.

During his tenure at Deutsche Bank, he held multiple leadership positions including head of application services for P&L/IPV and global head of equity trading analytics. He also served as global development lead for equities program trading at JPMorgan and began his career as a consultant at Valtech, officials say.

Strobel will be based in London, reporting directly to Liable, officials add.

Credit: Google News

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