FICO has acquired TONBELLER, a provider of financial crime and compliance solutions based in Bensheim, Germany. The transaction has closed. Although terms have not been disclosed, the transaction is not expected to have a material impact on FICO’s 2015 financial results.
With this acquisition, FICO has moved firmly into the rapidly growing market for financial
FICO has acquired TONBELLER, a provider of financial crime and compliance solutions
crime and compliance (FCC) solutions, promising to bring the benefits of advanced analytics and a risk-based approach to a field dominated by older, relatively inflexible, rule-based systems.
“Compliance with regulations concerning anti-money laundering, know-your-customer (KYC) and risk management imperatives has become a top priority for financial institutions as they struggle to anticipate and respond to known and emerging risks,” said Will Lansing, CEO, FICO. “The time has come to leverage advanced analytic technologies to manage risk while controlling operating costs. With this acquisition, we aim to help chief risk and compliance officers move quickly and decisively toward their goal of a common, unified view of the entire risk spectrum.”
Growing demand for financial crime and compliance solutions is being fueled by unprecedented challenges facing chief risk and compliance officers. These range from security and data risks to financial risks like credit and interest rates to corporate-level risks, including supplier/vendor relationships and reputation risk. Particularly troublesome can be the risks associated with financial crime and compliance, including various types of fraud and money laundering.
“Financial institutions today are being exposed to a wider range of risks than ever before, as they implement new technologies and open up new customer channels in a bid to remain competitive,” said Peyman Mestchian, managing partner for Chartis.
“At the same time, they are facing increased regulatory scrutiny. All of this is forcing the integration of traditionally siloed financial crime, risk and compliance functions. By merging a category leader in enterprise fraud and model management with a provider of enterprise-class risk-based compliance solutions, FICO and TONBELLER aim to meet this demand head-on.”
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