DigitalCFO Newsroom | 10 August 2022
Report cites Azentio as a good fit for organizations wanting to digitize and modernize their KYC/CDD processes and add AI and ML to enhance them.
Azentio Software (“Azentio”), a Singapore-headquartered technology firm owned by funds advised by Apax Partners, today announced that it has been named as a Contender in The Forrester Wave™: Anti-Money Laundering Solutions, Q3 2022 report. Azentio Software was amongst 15 most significant anti-money laundering (AML) solution providers assessed against 26 criteria across categories of current offering, strategy and market presence.
The report evaluated Amlock™, Azentio’s Financial Crime Detection and Management Solution, an integrated and flexible platform with advanced capabilities that leverage risk calculators, fully featured tools and BI technologies for monitoring money laundering activities, risk analysis and powerful insights.
According to the Forrester report, “The vendor has been expanding its supported database platforms and invested in a smart ID card reader solution for customer KYC processes. It also added transliteration services for names from English to Arabic and vice versa. In its current offering, the vendor shows strength in evaluating rule changes (what-if testing), rule versioning, and reporting on rule performance. Unsupervised and reinforcement learning capabilities are also above par.” The report further adds, “Azentio is a good fit for organizations wanting to digitize and modernize their KYC and CDD processes and add AI and ML to enhance them.”
Azentio received the maximum possible score in the enhancements: Watchlist management criterion, with the Forrester report stating, “The vendor demonstrated strong and leading WLM product enhancement roadmaps, and its market approach is on par with other vendors in this evaluation.”
Tony Kinnear, Chief Executive Officer of Azentio, stated, “We are grateful to be acknowledged as a Contender in The Forrester Wave™ report for AML solutions. We believe that as regulations widen their ambit to capture new and emerging threats, the roles of AI and ML technologies will be a critical factor in adding insights, helping organizations to make vital risk-related predictions and decisions. Azentio has been investing in its AML solutions to add innovative, market-driven AI and ML features. We believe Forrester’s assessment reflects our commitment to help organizations worldwide effectively meet their AML requirements.”
Azentio’s roadmap for Amlock™ includes improvement of screening algorithms with phonetic search; solution integration with ID verification portals; and an enhanced alerts and rule builder.
In Forrester’s recent Global Banking Platform Deals Survey 2022, Azentio ranked high as Regional Pursuer in the New Named Deals category; Major Cross Seller in the Extended Business category; and Major Player in the Combined Deals category.