Fintech Jack Henry has announced the launch of a cloud-native fraud and anti-money laundering (AML) solution designed with real-time capabilities to help FIs combat financial crime. Aiming to redefine fraud prevention, Jack Henry Financial Crimes Defender enables community and regional financial institutions (FIs) to combat financial crimes across channels in a proactive manner.

Jack Henry Financial Crimes Defender capabilities Per the announcement information, Financial Crimes Defender comes as a part of Jack Henry’s technology modernisation strategy, focused on delivering cloud-native solutions that help banks and credit unions innovate quicker, differentiate strategically, and address the evolving needs of their account holders. Built on the public cloud, the platform allows real-time data, increasingly accurate reporting, open integrations, speed, and agility. Financial Crimes Defender offers real-time fraud detection and prevention involving checks, deposits, ACH transactions, and instant payments.

FIs can stop transactions before they leave the institution or appear in the client account. What is more, its open architecture enables simplified integration of third-party data into the platform, bettering overall fraud management for FIs across all relationships. The AI-powered solution bundles fraud and AML solutions to help FIs no matter the size make quicker and more informed risk decisions, minimise false positives and wasted resources, better operational efficiency, and help ensure increasingly effective fraud monitoring and reporting for Bank Secrecy Act (BSA) compliance.

Furthermore, its real-time data and behavioural analytics enable secure transactions and enhanced trust. To fight fraud with more data, FIs can access a central repository of fraudulent activity by leveraging the Federal Reserve’s FraudClassifier, which is natively built into the solution. FraudClassifier addresses the industry-wide challenge of inconsistent classifications for fraud that involves ACH, wire, or check payments.

When commenting on the launch, Jack Henry officials said that fighting fraud with real-time data is the equivalent of catching intruders at the front door, before getting into the house. Per their statement, Financial Crimes Defender enables FIs to detect and prevent fraud at first sight, helping ensure that assets and information remain within the institution, something that is believed to be a ‘game-changer’ for community banks and credit unions alike. More to this point, the press release details US-based Carver Federal Saving Bank as being among the first FIs to implement the solution.

Company representatives advised that Jack Henry's Financial Crimes Defender positions them well against the increasing fraud threat, enabling them to provide a secure and hassle-free banking experience for customers. The spokesperson believes that its simple integration, user-friendly design, and real-time, AI-powered fraud detection are set to help the company operate more efficiently and improve its fraud detection to ensure the safety of customers and their money, enabling the staff to make increasingly fast and smart decisions and better combat financial crimes and minimise risk. .