Mar.22, 2010

Barclays has selected anti-money laundering (AML) solution from Temenos, a provider of integrated core banking systems, as its preferred global sanctions solution for payments screening. The solution will be deployed globally to replace existing platforms and consolidate the payments and transactions screening.

The bank expects that the Temenos AML's Linguistics application will enable its Next Generation Programme to achieve levels of screening as expected. The application of Linguistics in Barclays is a solution to address the increasing challenges of cultural variations and subtleties. This detection capability is coupled with Temenos’ intelligent 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, regulatory implementation and planning at Barclays, said: “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.”

Jean-Michel Hilsenkopf, regional director at Temenos, said: “In light of Barclays strategic approach to sanctions screening, the selection of Temenos as the vendor of choice clearly demonstrates the comprehensive nature of the Temenos solution. As regulatory challenges for banks increase, Temenos’ market leading experience represents a major step forward in protecting individuals and institutions against sanctioned entities and terrorist financing.”