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The best transaction monitoring software and companies in 2024

Transaction Monitoring Knowledge & Training

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This article summarizes six top transaction monitoring software vendors, listing their key strengths and explaining the types of firms they serve.

4 things to consider when selecting transaction monitoring software

When selecting the right transaction monitoring software vendor, here are four key points firms should consider:

  1. Scalability and adaptability: Seek a solution that can grow and adapt to the complexity of transaction volumes and new financial crime risks, ensuring a long-term return on investment.
  2. Customization and rule flexibility: Look for a transaction monitoring solution that offers customization and rule flexibility, allowing rulesets to be built and optimized based on various parameters. A user-friendly interface for rule-building and expert industry support can enhance the adaptability and effectiveness of the solution. 
  3. Customer support: Proactive customer support can improve the ongoing success of the solution once implemented, increasing performance over time by applying industry expertise to suggest improvements aligned with the firm’s changing risks.
  4. Alert prioritization and machine learning features: Some solutions utilize artificial intelligence (AI) to prioritize alerts based on risk levels, optimizing senior analysts’ time by identifying and investigating the highest-risk activities. Additionally, look for machine learning features that enhance the ability to identify new risks beyond traditional rule-based detection.

The best transaction monitoring software companies

1. ComplyAdvantage

Transaction Monitoring from ComplyAdvantage is an AI-driven solution that helps firms detect financial crime with advanced insights on hidden risk and custom thresholds. Our machine-learning models have won hackathons organized by ACAMS and PwC.

The G2 GridⓇ for Anti-Money Laundering is a helpful way of measuring financial crime risk management vendors based on customer opinion. The G2 GridⓇ lists ComplyAdvantage as a leader in anti-money laundering.


Top ComplyAdvantage features

  • Industry-validated out-of-the-box rulesets – Choose from our library of red flags and suspicious activity scenarios based on AML/CFT industry typologies.
  • No-code self-serve rules building – Even though we offer ongoing specialist support, it won’t hold you back when you need to make quick changes to rules.
  • Specialist-supported implementation & ongoing calibration – Our team of experts helps you set up a tailored, risk-based solution – and continue fine-tuning it more effectively.
  • AI-driven alert prioritization – Allows you to prioritize and focus on the greatest risks to your business.
  • Scalability from startup to billions of transactions – Keep the same solution – and effectiveness – as you grow.
  • New risk detection using advanced machine learning – Where rules cannot detect specific activity, our AI capabilities fill the gaps.
  • AI-driven relationship detection – Identity clustering uses machine learning to identify data patterns that may indicate hidden links between accounts.
  • Adjustable rule thresholds – Set thresholds based on your risk exposure.
  • Integrate risk data, processes, and insights in one platform via API – Synthesize your native risk insights with our proprietary ones, integrate with other key compliance features such as payment screening, and more.
  • Dashboard with rule performance and team stats – Helps manage the team and empowers you to make informed decisions regarding changes to rule thresholds.
  • Integrated risk scoring – Implement your customer risk scoring seamlessly with API integrations.
  • Integrated case management – Provide a holistic view of transaction alerts linked to a profile in a single place.
  • Adverse media insights – Natural language processing (NLP) algorithms read through media information, identify relevant individuals and organizations, classify adverse media categories, and consolidate this data into comprehensive profiles.
  • Segmentation – Apply your risk-based approach with a powerful segmentation engine.

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2. Youverify

According to Crunchbase, Youverify “helps financial institutions to comply with AML regulations and fight fraud with ease.” Youverify was founded in Lagos, Nigeria, in 2017.

3. NICE Actimize

According to Crunchbase NICE Actimize “provides real-time fraud prevention, anti-money laundering, enterprise investigations, and risk management solutions.” Founded in 1999, the company has offices in Europe, the Middle East, and Africa. 

4. SAS

According to TechTarget, SAS Institute Inc. “is a software vendor that specializes in advanced and predictive analytics software applications, as well as business intelligence and data visualization offerings.” Originally known as Statistical Analysis System, the company was founded in 1976.

5. Oracle

According to Crunchbase, Oracle is “an integrated cloud application and platform services that sells a range of enterprise information technology solutions.” Oracle started trading in 1977, and its headquarters are in the United States.

6. Verafin

According to Crunchbase, Verafin “offers a fraud and AML detection platform that helps detect, investigate, and report money laundering and financial fraud.” Verafin was founded in 2003 and is based in St. Johns, Canada.

3 top tips for speaking to vendors

When negotiating and discussing with vendors, here are three top tips for firms to consider:

  • Ask how fast implementation will be: Customer experience and satisfaction are paramount for any organization and can be hampered by a slow implementation process. A personalized approach and ongoing support can be highly beneficial, as issues can be ironed out as they arise. When rolling out a transaction risk management solution, leading B2B infrastructures-as-a-service company, TransferMate described the collaborative process with ComplyAdvantage as a “one team, two organizations” approach, which reduced their alert remediation times by up to 50 percent.
  • Explore how AI is used: Many vendors will talk about AI-driven solutions. Ask for specifics on how AI is being used and proof points on the benefits other customers are seeing. Improved efficiency and more effective risk prioritization are good use cases to start with. For example, when digital bank Holvi deployed AI-based alert prioritization from ComplyAdvantage, it saw that forty percent of its high-priority alerts were true positives, compared to less than one percent of low-priority alerts.
  • Find out about plug-and-play capabilities, such as pre-built libraries of rules and typologies, which can help streamline the set-up process. Some also include libraries to help teams learn the software faster and offer sandboxes, API guides, and dummy data for testing.

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All information from publicly available websites has been sourced and is correct as of March 2024. If you’d like to request a correction, please e-mail [email protected], and we’d be happy to review this with you.

Originally published 30 October 2023, updated 20 March 2024

Disclaimer: This is for general information only. The information presented does not constitute legal advice. ComplyAdvantage accepts no responsibility for any information contained herein and disclaims and excludes any liability in respect of the contents or for action taken based on this information.

Copyright © 2024 IVXS UK Limited (trading as ComplyAdvantage).