Fraud and financial crimes will become a bit more difficult soon thanks to a new platform from FICO called “Falcon X”.
Falcon X will run on AWS and streamline both fraud detection and AML processes. FICO Falcon X is available now to financial institutions around the world, as well as other organizations that must comply with FICO regulations. It includes pre-mapped data integration for retail baking payments, packaged rulesets, and sample workflows for rapid on-boarding as well as optional FICO-developed machine learning models for real-time payments fraud and AML programs.
As a part of the FICO Falcon X solution, FICO is introducing the FICO Financial Crimes Studio with InstantML, which shortens the time to develop and deploy real-time financial crime models through purpose-built and domain-specific FICO machine learning algorithms. The FICO Financial Crimes Studio also allows data scientists to build models based on their banks’ unique customer portfolio using open source machine learning libraries such as R, Python, and H2O. Explainable AI tools in the Financial Crimes Studio aid model governance by providing visibility into model behaviors.