IT services company Mphasis recently announced a partnership with BAE Systems Applied Intelligence, the financial crime and cyber division within the multinational defence and security company, BAE Systems PLC.
The partnership will see the formation of a Centre of Excellence, a virtual team created to deliver BAE Systems’ anti-money laundering and fraud detection and prevention solution, NetReveal. Mphasis will utilise their global delivery capability to help implement the technology to banking, financial services and insurance organisations.
According to leading research and advisory firm, Forrester, demand for such a partnership is there, with estimates that global spending on fraud management solutions will grow to $10.4 billion in 2023, up from $5.0 billion in 2017 — a compound annual growth rate of 12.9%.
“While financial crime has been there since the beginning of the financial services industry; the evolution of criminals and their ability to use technology to disrupt economies is a bigger threat than ever. This Centre of Excellence in partnership with BAE Systems will bring together the best of both worlds to keep financial organisations safer, globally raising the bar for the security of financial systems,” Nitin Rakesh, Chief Executive Officer and Executive Director, Mphasis, said in a statement.
Sanjay Samuel, MD Financial Services, BAE Systems Applied Intelligence, said: “Fraud is growing at a rapid pace. New regulations, new channels and demand for seamless customer experiences present a unique challenge for each organisation. A new approach is needed, one that marries advanced analytics and machine learning with human intuition, the solution is NetReveal. By partnering with Mphasis, we will be able to reach more customers who will benefit from their domain expertise and technology, whilst continuing to reap the benefit of our market leading solutions and in-depth knowledge of the financial crime domain.”