Temenos partners Microsoft to help banks combat COVID cyber crime

Temenos has announced a joint effort with Microsoft giving access to its Financial Crime Mitigation (FCM) software, in an attempt to help banks fight the surge in financial crime during the Coronavirus crisis.

The artificial intelligence-powered solution is based on Microsoft’s Azure cloud platform and can be deployed within weeks. The two companies are opening up access to banks for a 14-day trial, available until 30 June.

As part of the collaboration with Microsoft, Temenos is offering system access and online tutorials for users to familiarise themselves with navigation of the system.

Temenos FCM allows banks’ operators to respond to alerts and collaborate with team members while working remotely.

Financial regulators such as the European Central Bank are warning that the pandemic may result in an increase in financial crime and other misconduct, due to market disruptions, reduced staff and remote working. Opportunistic fraudsters and criminals are adapting their methods of targeting people and countries in distress as new threat vectors open up.

Jean-Michel Hilsenkopf, chief operating officer at Temenos, said: “We are committed to providing robust and up-to-date sanction screening, AML, KYC and fraud management protection, combined with powerful AI-driven transaction monitoring and sanction screening to help banks worldwide.”

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