NEW
YORK, May 14, 2024 /PRNewswire/ -- Liminal
released today the 2024 Link Index for Anti-Money Laundering
Transaction Monitoring for Financial Services and Fintechs, its
annual report of the top vendors meeting customer demands for
automated monitoring, compliance, and fraud detection
capabilities. This ranking offers detailed market analysis and
assessment of product capabilities and market presence, evaluating
70 AML transaction monitoring solutions tailored to banks and
fintech firms. Data is collected from buyer surveys, vendor analyst
briefings, and original research and analysis using its Link
competitive intelligence platform.
Discover and Compare the Top 18 Solution
Providers in AML Transaction Monitoring
In this competitive landscape, the Top 18 providers emerged with
advanced AML transaction monitoring solutions that meet product
capabilities and market strategy needs for robust compliance,
operational efficiency, and technological innovation. Profiles of
the top-ranked vendors, listed alphabetically: Alloy, AML Partners,
Brighterion (Mastercard), ComplyAdvantage, CSI, Featurespace,
Feedzai, Fenergo, GlobalVision Systems, HAWK:AI, NICE Actimize,
Oracle, Quantexa, SAS, SymphonyAI, ThetaRay, Unit21, and
Verafin.
Leading AML transaction monitoring solutions offer significant
benefits, including reducing false positive alerts from industry
averages of over 90% to below 50% and a 23% decrease in manual
review time, allowing fewer employees to manage the same volume of
alerts. These solutions also streamline the management and
regulatory e-filing of Suspicious Activity Reports (SARs), reducing
costs. Moreover, financial institutions and fintechs see a positive
return on investment, with a $5.30
return for every $1 spent on these
advanced monitoring solutions.
The report highlights that the vendor landscape in the AML
transaction monitoring market falls into two categories: large
incumbents serving major global financial institutions with strong
market presence and challenger platforms that excel in extensive
automation and AI-driven alert generation. Vendors that combine
comprehensive fraud and anti-money laundering (FRAML)
functionalities are notably scarce. Financial services and fintech
firms highlight essential criteria for AML solutions that provide
seamless, automated monitoring capabilities, effective management
of SARs, and scalability. Among the evaluated vendors, the top 18
distinguished themselves by meeting a minimum product execution
standard of 41% and a strategic leadership benchmark of 28%. For
detailed evaluation criteria, visit our website to access the full
report.
"Banks and fintechs face significant challenges in managing
compliance costs, navigating regulatory complexities, and
responding swiftly to emerging trends of money laundering," says
Liminal CEO Travis Jarae. "These
challenges are exacerbated by the reliance on outdated systems and
the increased operational costs from manual processes. The 2024
Link Index for Anti-Money Laundering Transaction Monitoring for
Financial Services and Fintechs addresses these issues by
evaluating and ranking the top providers that meet buyer demands
for a modern AML solution. This report enables institutions to make
strategic decisions that optimize compliance, enhance efficiency,
and drive better financial outcomes."
Discover the 2024 Link Index for AML Transaction Monitoring for
Financial Services and Fintechs, complete with comprehensive vendor
evaluations and market insights, at www.liminal.co.
More about Liminal and the Link Index:
Link Index Methodology
The Link Index provides a
detailed evaluation and ranking of leading vendors based on
specific use cases, utilizing data from Liminal's Link platform.
Liminal employs a proprietary framework to assess product
capabilities according to market trends and buyer needs,
underpinned by the Liminal Landscape taxonomy and ontology. This
process involves a rigorous buyer survey to pinpoint key product
features and valued components, factoring in market presence
indicators like customer satisfaction, market penetration, and
brand recognition. Complete results, including vendor profiles,
product details, and an interactive database to explore more
insights, are available in the Link competitive intelligence
platform (customer log-in required).
About Liminal
Liminal is a global market intelligence
and strategic advisory firm specializing in digital identity,
financial crime and compliance, and cybersecurity technology
solutions across industries while catering to the private equity
and venture capital community. Founded in 2016, Liminal offers
strategic and analytical services supporting executive
decision-making at all product and business lifecycle stages. We
advise some of the world's most prominent business leaders,
investors, and policymakers on building, acquiring, and investing
in the next generation of solutions and technologies. We provide
access to proprietary data and analysis, strategic frameworks, and
integrated insights on the industry's only competitive intelligence
platform. For more information, visit www.liminal.co.
Contact:
Stacy
Schulman
Liminal Media Relations
media@liminal.co
1 (602) 616-9818
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SOURCE Liminal Strategy, Inc.