B2B Payments

CGI Elevates Fraud, Compliance Risk Mitigation For Banks

CGI has announced the launch of CGI HotScan360, an enhanced version of its industry leading HotScan solution.

With financial crime on the rise, CGI HotScan360 aims to deliver integrated, intelligent and real-time anti-money laundering (AML), customer due diligence and fraud detection capabilities. The solution uses the latest in machine learning (ML), advanced analytics and automation, and has been designed to be highly scalable so that it can meet transaction volumes in the future.

In addition, CGI HotScan360 allows banks to integrate certain modules with other systems or omit them, and meet compliance for regulations such as the second Payment Services Directive (PSD2), General Data Protection Regulation (GDPR) and Single Euro Payments Area (SEPA) instant payment requirements.

“Financial crime is increasingly sophisticated, and new technologies enable criminals to replicate fraud across the globe 24/7,” said CGI Vice President Jan Macek in a press release. “In addition, with real-time payments, banks no longer have hours or days to analyze transactions, but must do so instantaneously, within milliseconds. CGI HotScan360 meets the demands of the digital age through real-time monitoring and advanced data analysis of customer activities, while reducing operational costs and providing a global support network.”

CGI was founded in 1976 and is one of the largest independent IT and business consulting firms on the globe, providing AML and risk mitigation solutions and services, with 11,000 banking experts throughout five continents. Its HotScan solution has been implemented in 40 countries, helping clients settle approximately $5 trillion of payments daily on average.

This is the company’s latest offering. Last year, CGI announced the launch of a new, SEPA real-time (SRT) instant credit transfer solution. With the new service, banks and payment providers get access to a real-time payment services 24 hours a day, 7 days a week. It includes options such as CGI’s Protect the Bank solution, which provides AML and real-time fraud protection through transaction monitoring. CGI SRT uses state-of-the-art (open source) technologies, eliminating the high costs associated with third-party licenses.


Latest Insights: 

The Payments 2022 Study: Building A High-Performance Payments Team For Fraud Detection, a PYMNTS collaboration with Stripe, examines how digital platforms of all sectors and sizes plan to develop their anti-fraud teams as part of their their broader growth and development strategies. Drawing from an extensive survey from approximately 250 payments heads at digital platforms in the U.S. and abroad, our study analyzes how poor anti-fraud capabilities can harm platforms’ long-term growth strategies, and how they can build high-performing teams to tackle these challenges.


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