Amberoon Launches Agile Compliance on Digital Banking Platform from DXC Technology

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SaaS solution for risk-based BSA/AML makes artificial intelligence accessible and affordable for small banks

Amberoon Inc., a RegTech AI company, today announced the launch of Lucre AML for the Celeriti Digital Banking platform from DXC Technology (NYSE: DXC). Lucre AML uses Agile Compliance and machine learning to address compliance cost, which is one of the chronic problems with legacy BSA/AML (Bank Secrecy Act and Anti-Money Laundering) software.

“Celeriti Digital Banking is built on the Open Banking Initiative (OBI) approach to harness innovation from innovative FinTech/RegTech companies,” said Thomas Demchak, chief banking technologist at DXC. “Amberoon Lucre AML is the first RegTech solution certified on our platform and solves the critical need for effective AML compliance.”

“When a bank buys AML software today, it tacitly commits to a business process decided by a software vendor,” said Shirish Netke, CEO of Amberoon. “Agile compliance means using machine intelligence combined with human intelligence to create an effective and flexible AML process. For compliance teams, this means reduction in false positives, greater insight into risky behavior and an increase in productivity. The Celeriti Digital Banking platform helps us deploy modern technology at scale with one of the most trusted companies in the banking industry.”

Amberoon’s Agile Compliance approach provides a financial crimes intelligence overlay using AI and predictive analytics that complements Fenergo’s customer journey and client lifecycle management (CLM) solutions for financial institutions. DXC and Fenergo collaborate to provide clients transformative digital solutions at scale by deploying best-in-class KYC, AML, and digital on-boarding capabilities with an outcome-based approach.

Banks globally are challenged to effectively manage money-laundering risks in a complex, dynamic, global operating and regulatory environment. Compliance has quickly risen to the top of the list of priorities for financial services providers. Lexis-Nexis recently reported $31.6 B was spent on AML compliance by banks and financial institutions in North America.

“AI and machine learning have created new opportunities for managing operational risks for banks,” said Dr. Robert Mark, managing partner of Black Diamond Risk Enterprises and former Chief Risk Officer for CIBC. “Large banks are investing heavily in modern technology. Solutions like Amberoon Lucre democratize these technologies and make them available to smaller banks.”

About Amberoon

Amberoon creates a risk-based approach to AML using Agile Compliance and contemporary technologies such as Artificial Intelligence, Big Data and Predictive Analytics. The solution is a financial crimes AI overlay across all legacy AML solutions, creating powerful interactive visuals for bankers as well as regulators to effectively manage AML risk. The primary impact of the solution is uncovering unknown risks and reducing false positives in the AML process. Visit http://www.Amberoon.com for more information.

About DXC Technology

DXC Technology (NYSE: DXC) helps global companies run their mission critical systems and operations while modernizing IT, optimizing data architectures, and ensuring security and scalability across public, private and hybrid clouds. With decades of driving innovation, the world’s largest companies trust DXC to deploy our enterprise technology stack to deliver new levels of performance, competitiveness and customer experiences. Learn more about the DXC story and our focus on people, customers and operational execution at http://www.dxc.technology.

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Mark Gibson
Amberoon
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since: 10/2019
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