Temenos launches intelligence system for fraud prevention

Core banking system Insight by Temenos aims to combat accounting fraud and aid regulatory compliance

GENEVA & LONDON - A new business intelligence platform from core banking software vendor Temenos has been launched to aid regulatory compliance, reduce latency and combat banking fraud.

The new software, Insight, aims to translate accounting data held by Temenos T24 users into a harmonised format to increase transparency for regulators and highlight potential frauds within customer accounts.

"High-quality, real-time information is clearly a strategic asset for banks and has become even more vital to their survival in this era of economic uncertainty," says Andreas Andreades, chief executive officer at Temenos.

Inefficiency at many firms has meant analysts spend too much time on processing data, with too little time left for picking out risk management trends through analysis.

Too many firms have also concentrated responsibility for data management within the hands of a limited pool of expertise; increasing their op risks during the crisis as staff turnover, redundancies and internal frauds increase.

"Banks across all sectors and geographies will now be able to explore enterprise data in depth, automatically identify trends, implement effective risk management and compliance strategies, and rapidly uncover hidden opportunities," says Andreades.