Best Transaction Monitoring Software: 6 Companies Compared

Transaction Monitoring Knowledge & Training

Insights Best Transaction Monitoring Software: 6 Companies Compared

If you’ve found this article, the chances are you’re looking for:

A transaction monitoring solution that’s scalable, efficient, and powerful.
A way to compare leading providers and their offerings.
A straightforward list of features and use cases.

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

Top Transaction Monitoring Software Companies

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.

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 in the moment.
Specialist-supported implementation & ongoing calibration – Our team of experts help you set up a tailored, risk-based solution – and continue fine tuning it more maximum effectiveness.
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 are unable to detect specific activity, our AI capabilities fill the gaps.
AI-driven relationship detection – Identity clustering uses machine learning to identify data patterns that may indicated 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.

Youverify

According to Crunchbase, Youverify “helps financial institutions to comply with AML regulations and fight fraud with ease.”

Top Youverify Features (1, 2)

Out-of-the box rulesets.
Self-serve rule building.
Risk detection using machine learning.
Seamless integration with your tech stack.
Integrated risk scoring.
Integrated case management.
Adverse media insights.
Regulator reporting.

NICE Actimize

According to Crunchbase, NICE Actimize “provides real-time fraud prevention, anti-money laundering, enterprise investigations and risk management solutions.”

Top Actimize Features (3, 4, 5)

Out-of-the box rulesets.
Self-serve rules building.
Self-service machine learning model configuration.
Alert prioritization.
New risk detection using machine learning.
Graph relationship detection.
Integrated risk data insights.
Performance dashboard.

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.”

Top SAS Features (6)

Out-of-the box rulesets.
Self-serve rules building.
Alert prioritization.
New risk detection using machine learning.
Advanced network analytics detect hidden relationships.
Integrate multiple risk functions in one AI-powered platform.
Integrated case management.
Built-in regulator reporting.

Oracle

According to Crunchbase, Oracle is “an integrated cloud application and platform services that sells a range of enterprise information technology solutions.”

Top Oracle Features (7, 8, 9)

New risk & relationship detection using machine learning.
Alert prioritization.
Configurable rules.
Robust data integration and watchlist configurability.
Integrated financial crime activities dashboard.
Flexible risk scoring

Verafin

According to Crunchbase, Verafin “offers a fraud and AML detection platform that helps detect, investigate, and report money laundering and financial fraud.”

Top Verafin Features (10, 11)

Machine learning-based risk detection.
Broad data integration via the cloud.
Risk function performance dashboard.
Integrated risk scoring data.
Integrated case management.
Adverse media insights.
Better regulator reporting.
Segmented risks.

Best Transaction Monitoring Software Companies: Side-by-Side Comparison

	ComplyAdvantage	Youverify	Actimize	SAS*	Oracle	Verafin*
Industry-validated out-of-the box rulesets	Yes.	“Transaction data is run through a series of pre-determined rules that you can tailor to meet your business needs.” (2)	“Accurately detect known threats with an extensive and industry-proven library of rules.” (3)	“Gain more comprehensive risk coverage with a hybrid approach to monitoring transactions. This approach combines proven rules to detect known risks with advanced analytic techniques.” (6)	“Business risk rule configuration functionality enables bank to assess message based on message attribute and generate alerts.” (9)	“Verafin generates an alert when advanced analysis uncovers a legitimate threat of suspicious activity, not every time a simplistic rule is broken.” (10)
No-code self-serve rules building	Yes.	“Create custom rules to address your business risks using our seamless interface and let our AI system do the rest.” (2)	“Mitigate distinct AML threats with user friendly self-development capabilities, build your own rules and your own machine learning analytics.” (5)	“Administrative users can create, govern and update program-defined monitoring rules with a custom, built-in scenario builder.” (6)	“Empower compliance by providing tools such as Inline Processing Engine and Scenario Wizard to enable the rapid onsite development of client specific rules.” (7)	No: “Focus on investigating risky activity instead of writing rules and wasting time reviewing false alerts.” (10)
Specialist-supported implementation & ongoing calibration	Yes.	Not mentioned.	Not mentioned.	Not mentioned.	Not mentioned.	Not mentioned.
AI-driven alert prioritization	Yes.	Not mentioned.	“Use powerful predictive analytics to determine alert risk and focus resources on the truly suspicious activity. Prioritize high-risk alerts.” (3)	“Intelligently prioritized alerts for expedient triage, investigation and disposition.” (6)	“Result prioritization according to risk.” (9)	Not mentioned.
New risk detection using advanced machine learning	Yes.	“Leveraging AI and machine learning to detect patterns, transactions that satisfy your business suspicions criteria are flagged with superior accuracy.” (2)	“Reduce false positives and capture anomalous outliers with ML and AI.” “Machine Learning driven detection to identify previously undetected suspicion.” (3)	“Advanced analytic techniques – including machine learning, deep learning and AI – to identify unknown risks and hidden relationships.” (6)	“Surface similar behaviors and blind spots through graph-based segmentation, deep learning and machine-based challenger models.” (8)	“Our machine learning models reduce false positives and effectively determine cash structuring by analyzing deposit activity over time.” (11)
AI-driven relationship detection	Yes, through AI-driven identity clustering.	Not mentioned.	“Uncover and explore relationships with graph technology.” (3)	“Quickly uncover emerging, complex money laundering and terrorist financing threats with network and entity generation processes that automatically build network diagrams and reveal hidden relationships. Advanced analytics enables entity resolution by looking at multiple data sources and references to a customer, then accounting for inconsistencies, errors, abbreviations and incomplete records to help determine whether they relate to the same entity.” (6)	“Surface similar behaviors and blind spots through graph-based segmentation, deep learning and machine-based challenger models.” (8)	Not mentioned.
Adjustable rule thresholds	Yes.	Not mentioned.	“Use proven, optimized thresholds, and auto-generated rule suggestions, as well as pre-built detection models created and used by other financial institutions. Deliver optimized detection value from day one.” (5)	Not mentioned. “Administrative users can create, govern and update program-defined monitoring rules with a custom, built-in scenario builder.” (6)	“Oracle Financial Services Transaction Filtering is designed to address regulations by blocking transactions that have suspicious data such as stop key words, blacklisted countries, blacklisted cities, sanctioned BICs, ports, individuals, and organizations. It enables financial institutions to mark suspicious transactions with higher configurability of matching rules with various parameters and business risk rules in multilingual and multicultural environments.” (9)	Not mentioned.
Integrate risk data, processes, and insights in one platform via API	Yes.	“Seamlessly Integrate Your Tech Infrastructure with the Youverify OS.” (2)	“Quickly pinpoint suspicion with an entity-centric view of each customer, integrated data risk insights, and network exploration.” (5)	“Supports transaction monitoring, customer due diligence, onboarding, watchlist screening, case management and regulatory reporting on a single, integrated platform powered by AI, machine learning, robotic process automation and advanced network analytics.” (6)	“Leverage all your data by ingesting, enriching, and analyzing structured and unstructured data. Integrate with leading data providers. Configure with internal watchlists.” (8)	“With big data intelligence across the Cloud, Verafin integrates and analyzes cross-institutional data, third-party data, and open-data sources to reduce false positives and generate high-quality alerts.” (11)
Dashboard with rule performance and team stats	Yes.	Not mentioned.	“With extensive tools and visual dashboards you can see, and quickly understand where you need to improve operational performance and mitigate risk.” (5)	Not mentioned.	“OFSAA for Financial Crime and Compliance Management provides end-to-end applications that leverage a robust data model and comprehensive dashboard capabilities to deliver a single transparent, holistic view of all financial crime and compliance related activities across the enterprise.” (8)	“Performance dashboards include visual charts and graphs to help you easily assess your alerts, cases, and filed SARs. You can quickly understand and report upon the types of customer activity generating alerts, the alert types generating the highest risk scores, or the alert types resulting in investigative cases or SARs. This powerful reporting capability improves strategic planning and workforce management, allowing you to direct resources for maximum efficiency and effectiveness.” (11)
Integrated case management	Yes.	“Review red flag alerts and make informed decisions based on data through our user-friendly case management dashboard.” (2)	“NICE Actimize’s case management solution unites relevant data into a single investigative view, delivering alerts with the right information to the right investigator, at the right time.” (5)	“Integrated workflow management helps AML teams seamlessly create cases and file regulatory reports with government authorities.” (6)	Oracle Financial Services Enterprise Case Management offered as separate product. (9)	“Integrated case management functionality lets you create a fully audited and tracked investigation. Upload related files, assign tasks to other users, and document your decisions – all in one location.” (10)
Adverse media insights	Yes, using advanced NLP technology.	“Verify high-risk customers for adverse media before onboarding and receive real-time subsequent insights for the latest developments.” (2)	Not mentioned.	Not mentioned for transaction monitoring.	“Manages and maintains multiple global and custom watchlists.” (7)	“Watch list scanning. Verafin automatically scans your customers nightly against installed watch lists, including OFAC, 314(a), and internally created lists. You, or your front-line staff, can also manually search watch lists for entities at any time.” (10)
Segmentation	Yes: apply your risk-based approach with a powerful segmentation engine.	Not mentioned.	“Unsupervised Machine Learning delivers precise and granular customer groupings.” (3)	Not mentioned.	“Perform targeted monitoring of high-risk segments using behavioral clusters.” (8)	“Flow-of-funds agents are segmented by distinct groups — individuals, businesses, sole proprietors, groups and households. This segmentation allows for easy alert review and triage, including the ability for users to set appropriate alert thresholds specific to your institution’s risk tolerance.” (10)

*Verafin and SAS do not offer a standalone transaction monitoring solution, although it’s a feature in their products. We are using the closest comparable product for the purposes of this article.

All information has been sourced from publicly available websites and is correct as of October 2023. If you’d like to request a correction, please e-mail [email protected], and we’d be happy to review this with you.

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Source material

(1) https://youverify.co/blog/transaction-monitoring-tools
(2) https://youverify.co/product/kyt/transaction-monitoring-solution
(3) https://www.niceactimize.com/anti-money-laundering/suspicious-activity-monitoring/
(4) https://www.niceactimize.com/Documents/Studio%20for%20AML%20Datasheet_Business%20Users.pdf
(5) https://www.niceactimize.com/Documents/SAM10_Brochure.pdf
(6) https://www.sas.com/en_us/software/anti-money-laundering.html
(7) https://www.oracle.com/a/ocom/docs/industries/financial-services/ds-fs-aml.pdf
(8) https://www.oracle.com/financial-services/aml-financial-crime-compliance/transaction-monitoring/
(9) https://www.oracle.com/a/ocom/docs/industries/financial-services/ofs-transaction-filtering-ds.pdf
(10) https://verafin.com/solution/money-laundering-detection/
(11) https://verafin.com/wp-content/uploads/2023/03/bsa-aml-compliance-management-feature-sheet-verafin-20230301.pdf

Originally published 30 October 2023, updated 30 October 2023

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.