Financial risks have increased over the years, and business owners are left with no other choice than to find a means of defending their businesses from cyber thefts and other risks.

 

 

One of the methods of monitoring your business and cash flow is the use of transaction monitoring software. There are several risk management methods that comply with standard regulatory requirements in the finance industry.

 

 

One of these methods is transaction monitoring -which is an efficient and important part of financial operations in several institutions due to its monitoring and identification of suspicious activities.

 

These suspicious activities could include fraud, money laundering, and other illegal activities involving money.

 

With the growth of technology, these activities have become harder to track -depending on the technicality of the transaction and other factors.

 

Luckily, there are several transaction monitoring software options that you can choose from in 2023.

In the subsequent paragraphs, we’d explore these available options and explain how they can help you manage risk, ensure compliance, and protect the reputation that your business has built.

 

TMS–what are they?

 

When speaking of financial safety and fraud prevention, we constantly speak of AMLs and transaction monitoring softwares.

 

 

Transaction Monitoring Software is a suite of solutions that have been created to help you detect, investigate and report suspicious financial activities.

 

Transaction Monitoring Software relies on the analysis of large volumes of data generated by certain financial transactions such as ACH transactions, wire transfers, credit card transactions, and other significant financially related activities.

Top 10 Transaction Monitoring Software in 2023

 

Remember when we mentioned that there are several software monitoring tools you can use for your transaction tracking?

 

Yes, these tools have specifically been tested and acknowledged as trustworthy, for the sole purpose of serving your benefits. Let’s take a look at some of them.

1.    DataDome

 

 

 

DataDome is a transaction monitoring software with the most popular risk management and real-time anti-laundering bot protection services currently. The company provides bot detection technology for their customers, as a service.

 

The company is reliable and efficient -hence, companies like Celio, Fnac, Rakuten, and TripAdvisor use their services for their transaction monitoring activities.

 

One of the many features that make its service stand out is the application of Statistical and behavioral detection methods.

 

 

DataDome is capable of reading and analyzing puppeteer-stealth and several new updates in AML (Anti-Money Laundering) technology available on the internet.

 

 

It is also user-friendly, as its interface is easy to navigate, transactions are easily tracked and reports are easily downloaded.

 

 

2.    Arkose Labs

 

 

 

Second, on our list is Arkose Labs, one of the leading companies in fraud prevention technology.

 

Arkose recently patented a platform that uses a combination of adaptive risk assessments, telemetry, and user experiences for easy identification and prevention of fraud cases.

 

 

Arkose Labs can help you prevent fraud before it happens, as it is equipped with adaptive step-ups authentication and other tools to ensure that users get the best experience from it.

 

 

This TMS is equipped with a user-friendly interface, and seamless integration, which makes it easy for businesses to rely on its security.

 

3.    FICO TONBELLER

 

 

 

FICO TONBELLER is another leading provider of anti-laundering and anti-financial crime solutions. It uses proven statistical data and advanced analytics for laundering prevention and identification.

 

 

Just like most other platforms it uses AI, and behavioral analytics for transaction monitoring, report generation, and identification of suspicious activities.

 

 

FICO TONBELLER is also designed to improve operational efficiency, while reducing false positives, ensuring you and your security team focus on the important security alerts.

 

 

It also has management capabilities that help in efficiently reducing the time and resources needed for compliance.

 

 

4.    NICE Actimize Xceed

 

 

Fourth on our list is Nice Actimize Xceed. Nice Actimize Xceed is a cloud-based financial crime management software platform offering fraud prevention, detection, and transaction monitoring tools.

 

To offer the best services in terms of response time, and report generation, it uses advanced analytics and machine learning algorithms.

 

These algorithms are capable of detecting suspicious activities in real-time, across several channels including ACH, wire transfer, and Credit card transactions.

 

That's not all, another one of its grand features is its ability to help you comply with regulatory requirements.

 

It does this by monitoring transactions, investigating alerts, and generating audits. To top it off, the software even has management capabilities that can help organize and manage investigations properly.

 

 

5.    SAS Anti-Money Laundering

 

 

 

According to Chartis Research, SAS Anti-Money Laundering is ranked as a leader in the Anti-Money Laundering market. It received a top-rated score for solution functionality, customer satisfaction, and innovation.

 

 

One of its strong suits include transaction monitoring software, detection of fraudulent and suspicious activity, and customer due diligence.

 

 

In addition, SAS Anti-Money Laundering is a reliable solution if you want to end,  prevent and detect financial crimes in your business.

 

 

6.    Oracle Financial Crime and Compliance Management

 

 

Oracle Financial Crime and Compliance Management were also ranked by Chartis Research as a leader in the AML market. It received a top-rated score in solution functionality and systems innovation.

 

 

One of the key features that it consistently implements is its ability to aid your business in compliance with regulatory requirements, reduction of false positives, and increase functionality and operational efficiency.

 

 

It also offers advanced data management and seamless integration capabilities, which allow you to integrate with your existing systems and data sources.

 

 

If you want a comprehensive view of your customers activity for better decision making and assessment, it also provides that.

 

 

7.    FIS Protegent

 

 

 

FIS Protegent is driven by advanced analytics, AI, and machine learning algorithms.

 

They are capable of analyzing large quantities of transactional data in real-time, allowing them to identify suspicious activities, and generate alerts for security personnel to investigate.

 

The software is also equipped with workflow tools and advanced case management that allow you to easily and seamlessly manage alerts and thoroughly make investigations without mixing up reports.

 

FIS PROTEGENT is used by many leading financial institutions like HSBC, Bank of America, and Citigroup.

 

 According to a recent report released, one of its users claimed that using the software caused a 70% reduction in false positives, 90% reduction in manual investigations, and 50% increase in productivity.

 

 

8.    Riskified

 

 

Riskified is another great platform that offers AML and transaction monitoring features.

 

 It is an innovative fraud prevention and chargeback protection solution, designed for your e-commerce business.

 

Just like several other platforms it incorporates AI, advanced machine learning and data analytics to aid you in reducing losses due to fraud, ensure streamlined operations, and improve your business revenue growth.

 

In a report by Gartner, the company claimed that Riskified was capable of detecting and preventing fraud at a higher level, as compared to other software.

 It has also received numerous awards and accolades for its various innovations and revolutionary solutions.

 

 

9.    NetReveal

 

 

NetReveal is another major player in  AML and transaction monitoring technology.

 

 It is a very popular and powerful software suite that is used for fraud detection, AML compliance, and risk management for small and large businesses in need of the service.

 

NetReveal allows its users to detect and prevent fraud by implementing technologies like its advanced analytics and machine learning algorithms.

 

They can analyze suspicious data in large volumes, for easy identification of suspicious and fraudulent activities.

 

Other of its significant features asides from transaction monitoring include watchlist screening, and risk assessment, to ensure your company is in line with AML regulations.

 

 

 It also has management capabilities for efficient investigation and increased functionality.

 

 

10.                      ComplyCube

 

 

 

ComplyCube is one of the many companies that provide Know Your Customer (KYC) and Anti-Money Laundering (AML) Compliance solutions to business owners.

 

The company is focused on providing services that help its users meet with regulatory requirements.

 

To make inspection and investigation easier, ComplyCube interfaces its KYC features for identity checks with its transaction monitoring features.

 

The KYC features allow you to perform real-time identity checks with the aid of biometric and document verification technologies.

 

However, what sets ComplyCube apart from its competition is its super user-friendly interface and advanced API that can easily integrate with other existing systems making compliance seamless.

 

Its customer service is also top-notch as it runs twenty-four hours, all year round.

 

TMS–The right tool for Data protection

 

The need for effective transaction monitoring services has never been more critical than it is right now.

Businesses have become more concerned about their customers' data protection than the profit they'd be making from them.

However, while pondering on which of these wonderful platforms to select from, please do note that this list was provided from the point of efficient testing.

As stated earlier, there are several AML and transaction monitoring software, each with its unique features, pricing, and support systems.

 

However, do consider the above points that we have selectively stated before making a decision.

 

Choosing the wrong service provider could be detrimental to your business, and that's why we are here to help you choose wisely.

 

 

Author’s Bio

 

 

Ale Oluwatobi Emmanuel is a freelance SEO content writer for SaaS and web 3 brands. With several published by-lines on notable tech websites, he’s passionate about tech, and the innovations that come with it. In his leisure, he listens to music and plays classical piano. Reach Ale via aleoluwatobiemmanuel@gmail.com