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“Total spending on third party anti-money laundering or AML systems is really projected to grow by 121% to surpass $75 billion globally up by 2030.” – 00:02:37
Remy Blaire welcomes Polly Jean Harrison, the Features Editor of the Fintech Times, to discuss the latest developments in the fintech landscape, particularly focusing on fraud prevention and anti-money laundering (AML) systems.
The segment begins with Remy introducing Thread, a global payments processor that has recently launched OneView, a new fraud prevention solution developed in partnership with Featurespace. Polly explains that OneView is designed to monitor both card and non-card transactions through a single, network-agnostic interface. This innovative platform consolidates various payment data, including account-to-account and person-to-person payments, into one unified interface. Polly highlights that this comprehensive approach provides a 360-degree view of customer behavior, enhancing fraud detection capabilities while reducing the operational workload for fraud teams. She emphasizes the importance of streamlining investigation processes, which allows fraud analysts to work more efficiently by minimizing the time spent switching between different systems. This unified view enables teams to spot unusual behavior patterns that may go unnoticed when transaction types are monitored in isolated systems.
The conversation then shifts to a new study by Juniper Research, which identifies significant gaps in transaction monitoring and beneficial ownership transparency. Polly shares insights from the research, revealing that global spending on third-party AML systems is projected to grow by 121%, surpassing $75 billion by 2030. She notes that banks are expected to account for 64% of all AML spending due to their ongoing exposure to complex regulatory oversight. Polly discusses how the increasingly intricate regulatory landscape is driving firms to adopt AI-driven screening and analytics to strengthen their detection capabilities and address the high rate of false positives faced by compliance teams.