Evaluating the Vendors of Watchlist and Sanctions Solutions

by Neil Katkov, PhD, April 18, 2013
Vendor Reviews
Global

Abstract

Watchlist operations has become one of the most crucial areas of focus for financial institutions struggling to comply with anti-money laundering and counterterrorist funding regulation.

In Evaluating the Vendors of Watchlist and Sanctions Solutions, Celent profiles 16 watchlist software vendors, evaluates them using its ABCD Vendor View, and hands out XCelent Awards  to four firms. The report is designed to help firms assess the capabilities of watchlist solutions, for both customer review and payments screening purposes.

Technology is evolving to meet the challenges institutions face in watchlist operations. Vendors have enhanced their solutions in terms of scalability, rules and analytics—including self-learning algorithms—alert/ case investigation workflow, and automation.

“Watchlist operations at financial institutions have become increasingly complex,” says Neil Katkov, PhD, Senior Vice President, Asia for Celent and author of the report. “Compliance departments seem to be constantly faced with new regulation. Of course, the FIs themselves seek to optimize the efficiency of their watchlist operations.”

Celent’s ABCD Vendor View is a standard representation of a vendor marketplace designed to show at a glance the relative positions of each vendor in four categories: Advanced technology, Breadth of functionality, Customer base, and Depth of client services.

This is the third in a series of four reports covering the current state of the AML technology market. The other reports in the series are:

  • Trends in Anti-Money Laundering 2011. Presents the results of an exclusive Celent survey of AML compliance departments at over 50 financial institutions and benchmarks AML operations and costs, examines key issues in anti-money laundering and anti-fraud, and analyzes trends in AML technology.
  • Evaluating the Enterprise-Wide Compliance Vendors: Solutions for Anti-Money Laundering and Anti-Fraud. Profiles 22 providers of end-to-end AML/fraud solutions, and assesses them using Celent's ABCD evaluation model.
  • Specialist Providers of Anti-Money Laundering Technology (forthcoming). Presents an overview of advanced technology issues in AML and provides profiles of a variety of specialist vendors. Because these firms are working in different areas, an ABCD evaluation is not provided.

This 94-page report contains 30 figures and 16 tables.

Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is a wholly-owned operating unit of Marsh & McLennan Companies [NYSE: MMC].

Media Contacts

North America
Michele Pace
mpace@celent.com
Tel: +1 212 345 1366

Europe (London)
Chris Williams
cwilliams@celent.com
Tel: +44 (0)782 448 3336

Asia (Tokyo)
Yumi Nagaoka
ynagaoka@celent.com
Tel.: +81 3 3500 3023

Table of Contents

Executive Summary

1

Introduction

2

Report Methodology

3

Celent’s ABCD Vendor View and the XCelent Awards

4

About the Profiles

7

Accuity

8

CSI

12

Detica NetReveal

15

EastNets

19

FinScan by Innovative Systems

23

FircoSoft

25

FIS

30

Fiserv

34

LexisNexis Risk Solutions

38

Logica

43

Nice Actimize

47

Oracle Corporation

51

Tata Consultancy Services

56

Temenos

60

Tonbeller

64

Top Systems

68

Comparative Tables

71

Concluding Thoughts

87

Leveraging Celent’s Expertise

89

Related Celent Research

90

Sign in to download reports and access personalized information