Transaction Monitoring

Alessa provides all the anti-money laundering (AML) capabilities that banks, money services businesses need –

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Manage high-risk activities

Alessa accesses transactional data in real-time and/or periodically and feeds it into the analytics platform to detect high-risk scenarios or events. Once detected, the system will allow transactions to be blocked, investigated, or recorded with no action required.

Alessa uses advanced analytics and rules-based scenarios to score the risks associated with suspicious transactions and help fraud and compliance personnel refine and prioritize investigations. The solution includes:

  • Real-time, periodic or event-based monitoring
  • Risk scoring
  • Automated reporting
  • Rules-based and AI-based analytics
  • Workflows and case management for flagged transactions

Features and Benefits

Real-Time Screening

Use real-time risk intelligence and analytics to flag suspicious activities

Batch Screening

Screen a batch of transactions to determine if there are any that require further investigations

Decision Learning

Reapply past actions to future transactions to save time

Risk Scoring

Realistic assessment of risks based on transaction details and past activities

Investigation Tools

Workflows, case management that engages the entire organization in compliance

Advanced Analytics

To detect complex fraud schemes across departments and systems

Real-Time Monitoring

Alessa allows organizations to screen transactions in real-time. The business systems route transactional data to the integration platform, and Alessa takes the information to the relevant analytics.

Once the analysis is done, Alessa returns a message to all the relevant systems. In most use cases the message is to allow or block the transaction. Transactions that are blocked may also be further investigated using the case management system.

 

Managing Suspicious Transactions

Upon identification of a high-risk transaction, businesses can automate investigations using workflow and case management within Alessa.

Cases can be created manually or automatically and for either individual or a group of alerts. Workflows are configurable to be as granular or simple as required. Features include assignments to users/teams, permissions, escalations and root cause indicators.

During the remediation process, users transition cases through the workflow. At each transition, different users or groups can be assigned and comments and attachments added. Notification capabilities specify which users are notified, how they are notified, and the content of the notification.

 

Real-time Wire Transfer Screening

Alessa can be used to screen wire transfers in real-time.

When the banking system initiates the request for a wire transfer, Alessa screens the sender and receiver against third-party data and whether the transfer is to a high-risk jurisdiction. If the wire transfer is blocked, a message is returned to the banking system and the status is updated to “At Due Diligence”.

An alert is triggered and routed to the appropriate person(s). If after investigation the decision made is to release the payment, the platform sends a new message to the core banking system to update the status to “Processed”. Alessa relays the request to the payment gateway using the messaging infrastructure.

 

Insurance Claims Monitoring

For the transaction monitoring use case where Alessa is used to identify potentially fraudulent insurance claims in real-time, first the claim management system sends the claims transactions to Alessa.

Alessa then examines the claims using its anomaly detection engine and scores the transaction based on its attributes. If the transaction is considered high-risk then a message is returned to the claims management system, the status is updated to “At Investigations” and an alert is sent to the appropriate person(s).

If after investigation the decision is made to deny the claim, the platform sends a new message to update the status to “Denied”.

 

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