Collaboration Gives Financial Institutions the Ability to Detect Fraud and Money Laundering Activities Through Automated Workflows
Blue Prism , a leader in Robotic Process Automation (RPA), and the Oracle Financial Services Global Business Unit have announced a new integration to automate critical compliance tasks helping financial institutions in the investigation, resolution and reporting of financial crimes and suspicious activities.
As methods for illegal activities and the level of criminal sophistication has expanded, so has the need for faster and more efficient ways for bank investigators to research cases. Managing resources efficiently has become paramount so organizations can better handle increasing workloads escalating into the millions of transactions and cases, and simply hiring more investigators is no longer a sustainable model.
To address this growing market concern, Oracle’s Financial Services Financial Crime and Compliance Management suite of applications is now being coupled with Blue Prism’s Digital Workforce. This partnership provides quick integration and access to intelligent automation capabilities through Blue Prism’s connected-RPA capabilities – giving financial institutions the ability to optimize and enhance financial crimes investigation workflows.
The integration of Oracle’s Enterprise Case Management (ECM) solution with Blue Prism’s Digital Workforce platform brings efficiency and accuracy directly into the investigation workflow – and increases the quality of investigation outcomes. Blue Prism enables Oracle’s financial crime software to deliver more comprehensive research and analysis, faster, more accurately and at a lower cost. This partnership not only provides flexibility and configurability for case management tasks, but also accelerates a financial institution’s ability to execute investigation activities with speed and accuracy – and turn compliance into a competitive advantage.
“Industries are being challenged on every side. Profit concerns, disruptive competitors, employee retention are all reasons Blue Prism has been successfully deployed across a variety of industries,” said Jon Walden, CTO, Americas for Blue Prism. “Our connected-RPA capabilities provide a unified workforce of both humans and digital workers to ‘get stuff done’. We’ve enjoyed great success in financial services industry because of the detailed audit and resiliency built into our platform. Some industries focus more on transactions to improve profit, some allow entrepreneurs in their organization to tackle new challenges, regardless, Blue Prism frees up human capital to do more work.”