Sphonic

Sphonic, developed by Signicat, is an AML Transaction Monitoring solution that aims to detect and prevent fraudulent transactions and money laundering activities in real-time. According to the vendor, this platform is designed to cater to small to large enterprises in various industries, including financial institutions, payment service providers, e-commerce companies, online gaming companies, and cryptocurrency exchanges.

Key Features

Real-time AML Transaction Monitoring: According to the vendor, Sphonic allows for the identification, tracking, and action on customer behavior in real-time, providing a single platform for AML Transaction Monitoring. The vendor claims that this feature can aid in the detection and prevention of fraudulent transactions and money laundering activities.

Control Centre for Fraud and Risk Teams: The vendor states that Sphonic creates a centralized control center for fraud and risk teams, enabling efficient management and tracking of suspicious behavior. This feature aims to facilitate collaboration and streamlined workflows for fraud detection and prevention.

Integrated Platform for AML, Fraud, and Affordability: According to the vendor, Sphonic profiles AML, fraud, and affordability in a single integrated platform, removing isolated data silos and avoiding redundancy. The vendor claims that this feature can help save costs associated with managing multiple platforms.

Set and Manage Rules and Parameters: The vendor states that Sphonic allows for the setting and management of rules and parameters for transaction monitoring, with a focus on identifying and reviewing problematic customer cases. According to the vendor, this feature utilizes additional rich data and advanced algorithms to assert tolerance levels to the broader customer base.

Watchlist/Blacklist and Whitelist Customers: Sphonic enables watchlisting, blacklisting, and whitelisting of customers to identify and monitor high-risk individuals or entities, according to the vendor. This feature allows for targeted actions based on customer risk profiles.

Escalate Cases and Generate Real-time Insights: According to the vendor, Sphonic escalates suspicious cases to management and AML Reporting Officer, streamlining data into the Case Manager for real-time insights. This feature provides a comprehensive view of customer transactions for effective decision-making.

Risk-Based Monitoring: The vendor claims that Sphonic offers risk-based monitoring by consuming transactional data and leveraging "funds flow" to determine AML and risk grades for clients. This feature categorizes customer transactions into risk buckets for appropriate actions.

Customizable Risk Thresholds and Automated Actions: According to the vendor, Sphonic allows for the customization of risk thresholds and triggers automated actions, enabling tailored risk management based on specific requirements. The vendor states that this feature sends results as a light touch payload or full payload as needed.

Adjustable and Optimized Rules: Sphonic deploys rules that can be adjusted and modified as per changing needs, with ongoing optimization support from the expert team, according to the vendor. This feature aims to ensure continuous improvement of transaction monitoring effectiveness.