SAS Recognized for Anti-Money Laundering Software

By Anuradha Shukla , TMCnet Contributor

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SAS (News - Alert) Anti-Money Laundering has been recognized in Aite Group's report entitled “Global Anti-Money Laundering Vendor Evaluation: A Reinvigorated Market.”

SAS, a business analytics software and services provider, has been named the top anti-money laundering (AML) software provider by Aite Group. The company was selected after 36 financial institutions and 18 vendors in the global AML space were interviewed between January and April 2011.

According to the report, SAS’s offerings boasted analytics, visual data integration, pre-packaged scenarios and scalability.All these qualities were responsible for the solution’s high ratings in both performance and customer service responsiveness.

SAS emphasizes that its anti-money laundering harnesses analytics to provide more effective alert processing.

The solution also offers huge cost savings to banks as it cuts down false positives and frees investigative resources, claims SAS.

"SAS brings a significant amount of analytic firepower to the space, given its roots in statistical solutions," said Julie Conroy McNelley, senior analyst for Aite Group's Retail Banking Practice. "SAS has a wide range of pre-packaged scenarios that are available with the solution, allowing for easy adjustment for financial institutions as needed. The solution's architecture is a plus for smaller institutions that don't have a data warehouse in place, as it provides the data schema for creating a data mart, and can support a number of different relational databases."

"SAS also provides a Teradata (News - Alert) solution for large [institutions] that can process a vast amount of data in a relatively short period of time. In a proof of concept with one large client, SAS demonstrated an ability to process 2.5 billion transactions well within the allotted processing window,” said Aite Group.

"The report predicts the current global $450 million AML software market "will grow at a compound annual growth rate (CAGR) of 9 percent over the next few years, reaching $690 million in 2015."

In other company news, Merkle, an independent customer relationship marketing (CRM) agency, recently selected SAS Analytics software to power its marketing, technical, analytical and creative disciplines.

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