Research
and Markets (http://www.researchandmarkets.com/research/gzs68x/global_antimoney
) has announced the addition of the "Global Anti-money Laundering (AML)
Software Market 2014-2018 with Fiserv, NICE Actimize, Norkom Technologies, SAS
Institute Dominating" report to their offering.
The Global AML Software market will grow
at a CAGR of 11% over the period
2013-2018.
The service providers are applying an
analytical approach to meet AML compliance and there are different
methodologies applied by service providers to identify suspicious activity
reports. However, some traditional approaches such as linear regression
analysis generate false alerts along with suspicious activity reports, which
are not worth investigating. On the other hand, predictive analytics enables
enterprises to reduce the false alerts by 60 to 70 percent and reduces the
compliance cost of adopting AML software. Predictive
analytics is also a better methodology because it can encode more
information about an account or customer's activity.
According to the report, most people are
increasingly shifting toward debit cards as a preferred mode of payment because
of the ease of use. This leads to data breach by criminals to access huge
amounts and acquire debit card information. Large-scale data breaches of major
retail chains are currently common. If there are a number of debit frauds
against an enterprise customer satisfaction is not met and thus they stop
availing the service. To save customers loss and prevent customers from becoming
the victim of such activities, many enterprises are deploying AML software.
Further, the report states that one of
the major challenges is the inconsistency in the data because of the data in
enterprises are collected by the different departments and proper functioning
of AML software requires consistency in data.
The
Global AML Software market can be divided into four segments:
• Internal
Spending
• Software
• Services
• Hardware.
Key
Vendors
• Fiserv
Inc.
• NICE
Actimize Inc.
• Norkom
Technologies Ltd.
• SAS
Institute Inc.
Other
Prominent Vendors
• 3i
Infotech Ltd.
• Accuity
Birst Inc.
• ACI
Worldwide Inc.
• Acquilan
Technologies Inc.
• Ficrosoft
• Cellent
Finance Solutions AG
• EastNets
Ltd.
• Ficrosoft
Infor Global Solutions
• FIS.
• Infrasoft
Technologies Ltd.
• Oracle
Corp.
• Tata
Consultancy Services Ltd.
• Thomson
Reuters Corp.
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