SOURCE: Logica

Logica

August 07, 2012 11:22 ET

Logica Announces New Intelligent Self-Learning Software to Increase Banks' Filtering Systems Efficiency

Platform-Independent Software Boosts Efficiency With No Impact to the Effectiveness of Scanning Operations

WALTHAM, MA--(Marketwire - Aug 7, 2012) - Logica, a leading technology and business consulting firm, today announced Logica HotScan Intelligent Self-Learning (ISL) software to significantly enhance a bank's filtering system. Heightened regulatory scrutiny and sanctions risk make anti-money laundering (AML) activities a perpetual concern at every bank throughout the world. Logica's HotScan ISL software helps banks significantly minimize this concern by applying unique self-learning algorithms that reduce the relentless volume of false-positive alerts without impacting the level of compliance mandates. Logica created ISL to easily integrate with a bank's current filtering application and is immediately available for small and large banks alike.

By reviewing the output from a bank's current filtering system, ISL learns who is a true offender and who is not. This self-learning capability produces recommendations that can reduce false-positives by over 50 percent, without reducing risk thresholds. This dramatically reduces the workload on a bank's AML staff because fewer potential hits need to be manually checked.

"Banks are facing limited resources, tougher regulation and growing payments volumes. So filtering systems must be smarter to manage these challenges," said John Farrell, senior vice president, Logica Financial Services. "Our ISL software is the only solution available that offers the combined benefit of a massive reduction in false-positives with no impact to a bank's filtering operations."

Benefits of Logica's ISL, typically measured within a few months of integration are:

  • Reduced false-positive hit rate by over 50%
  • Improved overall efficiency of current business processes
  • Reduced workload of money-transfer and compliance employees
  • Increased levels of straight-through processing (STP)

Logica's Intelligent Self-Learning software, which is currently utilitzed by three of the world's largest banks, is available globally as a licensed upgrade for Logica HotScan users or as a stand alone option for new customers. Logica also provides a dedicated product support team for implementation.

A case study detailing the pronounced, yet typical, results of ISL at a top ten international bank and a product fact sheet can be found at www.logica.us/ISL. To discuss specific details for your bank, please email globalproducts@logica.com.

About Logica
Logica is a business and technology service company, employing 41,000 people. It provides business consulting, systems integration and outsourcing to clients around the world, including many of Europe's largest businesses. Logica creates value for clients by successfully integrating people, business and technology. It is committed to long term collaboration, applying insight to create innovative answers to clients' business needs.

Contact Information

  • Media Contacts for Logica North America:
    Stephanie Fulton
    Scout Marketing Group
    512-797-6170
    Email Contact