Jack Henry, a financial technology company, has introduced Jack Henry Financial Crimes Defender, a cloud-native fraud and anti-money laundering (AML) solution designed with real-time capabilities. This solution is aimed at helping community and regional financial institutions proactively combat financial crimes across various channels.
Financial Crimes Defender is part of Jack Henry’s technology modernization strategy, emphasizing the delivery of cloud-native solutions that enable banks and credit unions to innovate quickly, differentiate strategically, and meet evolving customer needs. The platform is built on the public cloud, offering real-time data, more accurate reporting, open integrations, speed, and agility.
Carver Federal Savings Bank, based in New York, is among the first financial institutions to implement the solution, with their VP of Information Technology, Patrick Brennan, stating that it positions them well against the rising threat of fraud, allowing them to offer a secure and smooth banking experience for their customers. The solution offers seamless integration, a user-friendly design, and real-time AI-powered fraud detection, which helps operate more efficiently and improve fraud detection rates, ensuring customers and their funds remain safe.
Financial Crimes Defender provides real-time detection and prevention of fraud related to checks, deposits, transfers, ACH transactions, and instant payments. Financial institutions can halt transactions before they leave the institution or appear in clients’ accounts. The open architecture of the platform allows for seamless integration of third-party data, enhancing overall fraud management for financial institutions.
This AI-powered solution combines fraud and AML solutions to help financial institutions make faster and more informed risk decisions, reduce false positives, improve operational efficiency, and ensure effective fraud monitoring and reporting for Bank Secrecy Act (BSA) compliance. Its real-time data and behavioral analytics enhance transaction security and trust.
To combat fraud more effectively, financial institutions can access a central repository of fraudulent activity using the Federal Reserve’s FraudClassifier, which is natively integrated into the solution. FraudClassifier addresses the industry-wide challenge of inconsistent classifications for fraud involving ACH, wire, or check payments.
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