Featurespace Wins Aite-Novarica Group’s 2021 Impact Innovation Award

CAMBRIDGE, England & ATLANTA & SINGAPORE–(BUSINESS WIRE)–Featurespace� has been recognized for market leading AML innovation and client service as part of Aite-Novarica Group’s 2021 Fraud & AML Impact Innovation Awards.

• Featurespace’s “cutting edge analytics and data science, and commitment to clients” impressed the global advisory firm
• ARIC Risk Hub delivers explainable, adaptive and self-learning anomaly detection in real time
• Enhanced case management functionality enables intelligent queue management and more efficient suspicious activity reporting

“With advanced and explainable anomaly detection capabilities, Featurespace’s ARIC Risk Hub enables financial organizations to identify current and emerging financial crime risks and events automatically and in real-time.” said Aite-Novarica Group Research Director Chuck Subrt.

Critical to the win was ARIC Risk Hub’s ability to adapt to criminal activity and identify unknown risks, while also providing greater uplift for financial crime detection and enabling smarter investigations. In addition, Featurespace has introduced a new method of explainability to quantify the uncertainty in machine learning model outputs and identify the aspects driving the underlying decisioning.

“Continued innovation is central to our mission to protect customers from the rising threats of fraud and financial crime and reduce their business risk and cost,” said Martina King, CEO of Featurespace. “We are committed to solving real world financial crime problems and it is a real honor to see our technology recognized for its performance, and our team acknowledged for their care, academic rigor and expertise.”

The awards will be presented at Aite-Novarica Group’s Fourth Annual Financial Crime Forum on September 14 and 15, 2021, during which Featurespace will join Navy Federal Credit Union, Truist Financial and Axcess Financial for a moderated panel (Open Platforms: Orchestrating Fraud and AML Detection – Tuesday, September 14 from 4:00-4:45 p.m. ET).

Featurespace’s unique approach to enterprise AML transaction monitoring is based on profiling good behavior, providing financial institutions with a 360-degree risk view across customers. In addition, advanced and explainable anomaly detection capabilities enable financial institutions to identify existing, as well as new and emerging financial crime risks and events automatically and in real-time. Earlier this year, ARIC Risk Hub’s industry-leading rules and machine learning models also received recognition for innovation with HSBC (read the case study here).

About Featurespace – www.featurespace.com

Featurespace™ is the world leader in Enterprise Financial Crime prevention for fraud and Anti-Money Laundering. Featurespace invented Adaptive Behavioral Analytics and Automated Deep Behavioral Networks, both of which are available through the ARIC™ Risk Hub, a real-time machine learning platform that risk scores events to prevent fraud and financial crime.

ARIC™ Risk Hub is relied on to catch new fraud attacks and identify suspicious activity in real-time by more than 70 major global financial institutions. Publicly announced customers include HSBC, TSYS, Worldpay, NatWest Group, Contis, Danske Bank, ClearBank, AK Bank and Permanent TSB.

About Aite-Novarica Group:

Aite-Novarica Group is an advisory firm providing mission-critical insights on technology, regulations, strategy, and operations to hundreds of banks, insurers, payments providers, and investment firms—as well as the technology and service providers that support them. Comprising former senior technology, strategy, and operations executives as well as experienced researchers and consultants, our experts provide actionable advice to our client base, leveraging deep insights developed via our extensive network of clients and other industry contacts. Visit us on the web and connect with us on Twitter and LinkedIn.

About the Aite-Novarica Group 2021 Fraud and AML Impact Innovation Awards:

In its first year, the Fraud & AML Impact Innovation awards program looked for organizations deploying new initiatives, products, and upgraded capabilities for more effectively and efficiently countering escalating financial crime threats and bringing our industry one step closer to next-generation financial crime fighting innovation.

The winners were selected by a global panel of both internal and independent experts on fraud and AML. The identification of any Aite-Novarica Group award winner or finalist is not an endorsement by Aite-Novarica Group of any vendor, product, or service.

Contacts

Michael Touchton, Featurespace

PR and Communications Manager

Michael.touchton@featurespace.com
+1 (423) 364-5491