REDWOOD CITY, Calif.—Oracle is broadening availability of its Oracle Financial Services anti-money laundering solution to reach smaller FIs, the company said.
Oracle Financial Solutions announced the launch of its AML Express Edition for small and medium-sized financial institutions, connecting these FIs with what it described as a streamlined platform for money laundering and terrorist funding detection, investigation and reporting solutions.
“As Oracle noted, smaller banks must adhere to the same AML and other regulatory compliance requirements as large banks, yet with fewer resources to meet those requirements. The firm’s AML Express solution supports affordable and straightforward compliance solutions to these smaller FIs,” Pymnts.com explained.
‘Lowering Total Cost’
“The largest financial institutions in the world have been using Oracle Anti-Money Laundering solutions for decades. Today, the same comprehensive financial crime technology is now accessible for small- and mid-sized financial institutions,” said Sonny Singh, Oracle financial services’ senior vice president and general manager. “Lowering the total cost of ownership without compromising on the core functional capabilities is an engineering breakthrough made possible with the use of modern, cloud-compatible architectures.”
The solution for smaller FIs is scalable and includes the core functionality of Oracle Financial Services’ Anti-Money Laundering tool. It supports faster deployment for on-premise or cloud infrastructures. It also includes a built-in library of potential scenarios that address the most common money laundering behaviors for faster detection, while including case management capabilities, the company said.
“Anti-money laundering is quickly becoming one of the largest challenges for financial institutions, with the PYMNTS AML/KYC Tracker recently finding that about 29% of financial institutions have not adopted KYC tools or solutions from external data providers,” Pymnts.com said.