RIYADH – Mozn, a market leader in enterprise AI technologies, announced on Tuesday its strategic partnership with global software solutions provider, Red Hat, to equip local and regional enterprises with a wider offering of its market-leading AML compliance and anti-fraud product, FOCAL.
“As fraudsters up their game, stakeholders in the region must rise up to the challenge and protect consumers and businesses from those that would do them harm,” said Dr. Mohammed Alhussein, Founder & CEO, Mozn.
“Through Mozn’s strategic collaboration with Red Hat, our best-in-class AML compliance and anti-fraud platform, FOCAL,will now be available on-premises as well as on cloud, to give our customers the freedom of choosing the setup that best suits them while taking the fight against financial crime.”
As part of the partnership, Mozn will utilize Red Hat’s leading Hybrid Cloud technologies to deliver flexible offerings of its cutting-edge capabilities in monitoring, analysis, and risk mitigation through FOCAL’s AML compliance suite, bringing the industry’s best anti-fraud tools and expertise into the realm of Finance Intelligence.
In a region where regulatory ecosystems continue to grow, FOCAL enables financial institutions to dismantle AML compliance barriers and tackle financial crime through state-of-the-art technology. FOCAL empowers customers to screen their clients with confidence using advanced name-matching algorithms that can accurately understand Arabic and Latin languages, as well as monitor transactions using tailored rules and historical behavior to flag potentially suspicious transactions and prevent financial crime.
The AI-driven platform has access to more than 1,300 up-to-date global and local sanctions and PEP (politically exposed person) lists for risk management and provides flexible Application Programming Interfaces (APIs)that enable the automatic processing of thousands of screenings every day with seamless on boarding and scalable integration capabilities.
“Collaboration of this nature further strengthens trust with customers, where a readily available and innovative platforms [such as Red Hat’s] can help secure transactions and enhance the monitoring and mitigation of risks,” remarked Adrian Pickering, General Manager MENA, Red Hat.
“Red Hat is pleased to partner with Mozn to deliver strengthened solutions which address regional compliance standards and empower organizations to safeguard the future of the digital finance industry,” added Adrian.
“In finance, trust is everything. And at Mozn, we are committed to enhancing the trust between enterprises and their customers to drive business success. FOCAL is tailored to those whose role is to maintain and promote that trust,” said Dr. Mohammed Alhussein, Founder & CEO of Mozn.
“We are dedicated to helping organizations focus on their key business goals by automating complex tasks related to AML compliance in our modern digitized economy. Our collaboration with Red Hat will further provide our customers with the peace of mind that comes with certified workloads, and peerless, consistent support” added Dr. Mohammed.