Rapid advancements in financial services and technologies effectively help facilitate smooth and prompt transactions of money worldwide. However, this exposes the financial institutions to the risk of money laundering. Therefore, it has become crucial and urgent to combat money laundering. The banking software industry consists of a range of activities, which are utilizing resources to create value and benefit society, globally, in terms of understanding, exploring, researching, managing, and utilizing financial services. It is expected that in the next decade, the banking industry will witness both a revolution and an evolution, in terms of facilitating global, multi-service, low-cost, and digital banking. However, with rapid growth in the banking software industry, there is an increasing demand for regulators to counter the upsurge in the financing of terrorism and money laundering incidences.
The market research study offers a broad perspective on the anti-money laundering (AML) software, delivery modes, and software types. The report also provides an analysis of the market penetration of the AML software across different regions and countries. The global AML software market research study offers a wide perspective on the analysis of the industry. The research is based on extensive primary interviews (in-house experts, industry leaders, and market players) and secondary research (a host of paid and unpaid databases), along with the analytical tools, which have been used to build the forecast and the predictive models.
AML system is a combination of different types of software, including transaction monitoring software, currency transaction reporting software, customer identity management software, and compliance management software, among others. These software types focus on identifying suspicious patterns of transactions, which may lead to the filing of suspicious transaction reports (STRs) or suspicious activity reports (SARs). The AML software market is currently one of the most highly competitive industries, with leading players actively competing against each other to gain a greater share in the AML software industry.
In January 2019, Fiserv Inc., one of the major AML software market players, announced an agreement to acquire First Data Corporation, a fintech solution provider. In February 2018, LexisNexis Risk Solutions acquired ThreatMetrix which was aimed to help the company to strengthen its position in the AML software industry. In 2018, Fiserv. Inc. completed the acquisition of Elan Financial Services, a third-party debit processing solution provider.
The AML software market is gradually growing over time, compelling several companies to come up with collaborative strategies to sustain the intensely competitive market. Companies with identical goals pool in resources and sign joint venture programs to assist each other in achieving those goals. This strategy helps the companies gain access to one another’s resources and facilitates them to achieve their objectives faster. In January 2019, ACI Worldwide partnered with T-Systems and Takarekinfo to provide AML solutions to banks in Hungary by offering real-time payments. Also, in November 2018, LexisNexis Risk Solutions partnered with Everlink Payment Services, wherein they provided AML solutions to banks in Canada.
Obtain the Sample Report at: https://bisresearch.com/requestsample?id=995&type=download
The product launches strategy has been adopted by several reputed market players such as NICE Actimize, BAE Systems, and Experian PLC, among others. NICE Actimize introduced Robotic Automated Process platform in May 2017. The technology can process a high volume of data automatically and allows the investigator to focus on making more strategic decisions. In October 2016, BAE Systems introduced AML Optimisation, a tool that helps companies to detect fraudsters and comply with new AML laws and regulations more quickly and efficiently. In June 2016, Experian PLC announced the introduction of Bank Wizard Absolute, a solution to verify the account information of the customers before the payments are made.
The industry has witnessed significant growth in the past two years, i.e., 2018-2019. However, end-to-end solution is the major requirement in the current scenario for the efficient functioning of AML software solutions. Additionally, a complete solution enhances the capability and efficiency of the system by providing easy interaction between the different types of AML software. Financial institutions are also focusing on automation, improving performance, and increasing transparency along with the common issue of false positives.
