Barclays has selected Temenos Anti-Money Laundering as its preferred global sanctions system for payments screening. AML was benchmarked against other competitors and the bank found it to be the fastest and most operationally efficient offering. It will be deployed globally to replace existing platforms and consolidate the payments and transactions screening.

As the platform of choice for Barclays, AML includes Linguistics which will should help the bank's Next Generation Programme to achieve superior levels of screening. Linguistics is a compliance module that combines IBM´s Global Name Recognition technology with what used to be Viveo´s detection technology to enhance AML compliance screening, reducing both the possibility of missed detection, as well as the number of false-positive detections that need to be evaluated by compliance operators.

The application of Linguistics in Barclays is considered to be a solution to the increasing challenges of cultural variations and subtleties. This heightened detection capability is coupled with Temenos' false-positive reduction methods, designed to drive down total cost of ownership and increase operational efficiency.

Paul Fabara, managing director and global head of operations for Regulatory Implementation & Planning at Barclays commented, "After a rigorous technical assessment of the leading sanctions screening solutions available, the decision to select Temenos for Barclays global initiative was relatively easy".  He further added, "The bank's approach to global compliance is unequivocal. We want to lead by example and have found the right product to help us protect that position."

Andreas Andreades, chief executive, Temenos adds: ‘This is a very exciting time for Temenos as we enter into the AML market through the successful acquisition of Viveo. We believe that the AML market offers significant growth potential and our success in penetrating this market will prove an important factor in executing our ambitious growth plans for Temenos. We have made excellent progress integrating the product into our business model and this new signing demonstrates how we are already seizing opportunities in this growth market. The regulatory landscape and heightened enforcement actions are impacting financial institutions' sanctions screening efforts and responses to money laundering, for which technology plays a vital role. Temenos now has a highly prized AML product and domain expertise, which is already used by 20 banks globally. We look forward to working with Barclays to provide it with a best in class sanctions screening system and expert support services as we expand our global presence in this market moving forward'.