The Dutch financial crime security company secured its place in the Temenos MarketPlace with its win at the Innovation Jam, making their CAPTURE offering available to its banking clients. The final was held in Dublin at the annual Temenos Community Forum and included 10 regional contestants from across the world going head-to-head in front of an audience of almost 1,500 bankers.
The judging panel, which was comprised of representatives from Bank of Ireland, Luxembourg Hose of Financial Technology, BlueShore Financial, and 11FS, chose Belleron’s CAPTURE® product. The 10 contestants were given seven minutes each to give a live demonstration of their solution. Solutions presented were diverse, including smart regtech, frictionless secure authentication, blockchain, and privacy-by-design offerings.
Belleron’s CAPTURE® product covers hard-to-detect banking attacks by financial crime syndicates and other external organisations by using machine learning models to analyse trends, variables, and transactions in real-time. Although fully automated, controls allow manual override, and a dashboard gives executives increased insight to locate the source of an attack, so they can shut off affected parts of their banks instead of the entire enterprise.
Bas Uildriks, Belleron’s COO, speaks on their win:
“At the Amsterdam Jam and at the Dublin Jam, we were picked by the judges. We believe this owes to the fact that we are solving a big industry-wide problem. Our CAPTURE system, which uses bank meta-data and machine learning to avoid traditional thresholds and biases, provides banks with enterprise-level protection against financial crime, financial terrorism and financial innovation, also known as Open Innovation Threats (OIT). As subject matter experts, we know that banks’ systems are being compromised, so we’re protecting the bank by identifying abnormal-abnormal behaviour and can shut down the malicious part of the bank/channels as quickly as possible, saving the banks reputation and millions of dollars.”
Besides Belleron’s big win, SONECT, a company providing a blockchain-based platform that democratises cash distribution, won the audience choice award, also earning a spot in Temenos’ MarketPlace.
By Elliot Lyons, Research Analyst