IMTF has acquired the Siron anti-money laundering and compliance solutions developed by FICO to expand its AML and compliance portfolio. With this acquisition, IMTF is assuming the global operations of all Siron anti-financial crime solutions.

The offering in question comprises various solutions based on advanced analytical algorithms, which allow financial institutions to detect suspicious activity and behavioural changes. According to hubbis. com, IMTF has 8 subsidiaries across Europe, the Middle East, India, and the APAC region and serves more than 1,600 banking and insurance customers.

By purchasing FICO’s software, the company has taken over all its associated customer relationships, employees and subsidiaries. Regarding the transition, FICO representatives cited by hubbis. com emphasised that existing customers should expect a smooth transition considering IMTF's familiarity with the regulatory domain and the Siron product line.

In the near future, IMTF plans to increase the accuracy and efficiency of all compliance solutions, while making sure that they are up to standard in the context of changing regulations. Moreover, the company plans to further develop the product line and the associated SaaS offering in the future. Previous developments from FICO In July 2022, Global analytics software provider FICO has partnered with Israel’s Open-Finance.

ai, a risk, finance, and compliance software provider of Open Banking and finance services. Through this agreement, Open-Finance. ai integrated the FICO Blaze Advisor decision rules management system into its Open Banking platform.

One of the purposes of this integrated technology from FICO and Open-Finance. ai is to help remove human bias from lending decisions, improve risk decisions and expand credit to more people. In the same month, FICO and Network International, an enabler of digital commerce across the Middle East and Africa (MEA), have expanded their partnership to provide lenders with fraud protection and credit management solutions.

The two companies have been working together since 2017 when Network International began offering its customers FICO Falcon Fraud Manager, a leading credit fraud solution that protects more than 2. 6 billion payment cards worldwide. In December 2022, FICO released a survey that shows that fraud protection can be a differentiator when Brits choose a financial account provider.

The findings show that people from the UK, when asked to rank their considerations in selecting a financial account provider, the top factor for 30% was good fraud prevention. This came above value for money at 26%. FICO’s officials stated that historically, there has been a perception that fraud teams are an overhead, a necessity to cut fraud losses.

However, consumer awareness of scams and the methods used by financial institutions to prevent fraud is rising and with that comes an increased interest in a financial service provider’s fraud credentials. .