Brazil's largest financial services operator, Rede de Telecomunicações para o Mercado (RTM), is combating money laundering with a solution from UK IT services firm Logica, the latter company said in a statement.
Logica's HotScan AML solution analyzes transactions in real time and requires little human interaction, resulting in cost reductions and efficiency gains, the company said. Logica offers HotScan in a software as a service (SaaS) model and allows banks to personalize their interaction with the system.
RTM uses the payment-filter platform to help connect its users to the SWIFT network - the world's largest for financial transfers - while complying with Brazil's new guidelines to prevent funding of terrorism.
RTM also anticipates HotScan will bring down the number of "false positives" detected by banks.
Estimates on the value of money laundered annually range from US$500bn-1.5tn globally, Logica said.