Giovanni Castellanos, VP of sales and marketing
The adoption of machine learning in the financial sector has been instrumental in delivering perceiving, reasoning, learning, and problem solving capabilities. Consequently, it has also subjected the entire industry to a whole new level of risk and compliance issues. Rapidly emerging channels such as open institutions, digital onboarding and omni-channelness have opened a door to new opportunities for fraudsters who nefariously exploit technology. Machine learning is one possible solution, creating algorithms that process large datasets with many variables, which can help find hidden correlations between user behavior and the likelihood of fraud. As a leading software development firm for financial crime and process optimization solutions, Plus TI focuses on creating a financially safer world by combining advanced AI techniques (including Machine Learning) with the expert knowledge in delivering comprehensive and low friction analysis and defence. The company’s flagship product Monitor Plus is the embodiment of those Plus TI resources, installed in over 380 financial institutions across the five continents in 36 countries, processing over 500 million transactions a day.
Monitor Plus helps customers simplify large volumes of payment processing, maximize operational efficiency and mitigate risks by complying with the regulations required by the banking systems globally. “An advanced analysis and monitoring, multi-purpose system, the product has an assembly of Machine Learning techniques and expert models, helping clients in fighting fraudsters,” says Giovanni Castellanos, the VP of sales and marketing at Plus TI. Monitor Plus’ Compliance Suite can monitor and analyze transactions under a risk based focus for Anti-Money Laundering/Combating the Financing of Terrorism (AML/CTF), risk score and persons risk mitigation, risk factors segmentation, quantitative and qualitative risk management, and Know Your Customer (KYC), Know Your Employee (KYE), and Ultimate Beneficial Owner (UBO), to list a few. The product also assists in the comprehensive management and automation of Governance, Risk management, and Compliance (GRC) opportunities and vulnerabilities.
An advanced analysis and monitoring, multi-purpose system, the product has an assembly of Machine Learning techniques and expert models, helping clients in fighting fraudsters
The Monitor Plus’ GRC-ORM system integrates quantitative and qualitative approaches to enable an analysis of multiple types of risks at single or multi-company level. Additionally, it helps institutions improve their internal control practices to comply with policies and regulations (internal, local and international).
A pre-configured and flexible solution, Monitor Plus GRC- ORM integrates dashboards for data management, a set of reports that provide access to management details, and provides accessibility from smart devices. Further, this model covers the entire cycle of risks and opportunities (detection, analysis, classification, measurement, prioritization, control, mitigation and assessment). It is also equipped with an incident and loss event collection system that automates risks management and their real-time correlation with the Monitor Plus control system.
Beyond Monitor Plus, Plus TI’s expert groups also deliver tailor-made advice in fraud and money laundering prevention, and risk management. The company believes in continuous professional updation and delivers several regional seminars, webinars, monthly bulletins, a bimestrial magazine, and its top yearly event Monitor Plus User Conference. Plus TI also continuously measures its customers’ feedback, which helps it improve its services. Castellanos mentions, “Delivering what we sell is crucial in ensuring great customer experience. We understand that our customers are doing their best to deliver great experiences as well, which is why fraud prevention, risk management and AML are part of that experience.”
What really differentiates Plus TI, are its three pillars— people, customer and vision. Their team works passionately to help achieving its goals. This enables Plus TI to deliver its value-added services and solutions as they are able to respond quickly to the markets demands. The man behind the competent team and the solution, who really drives them to work together, is Jorge Domingo Samayoa, the CEO and founder of Plus TI’s vision.
Having carved a unique niche, Plus TI has grown rapidly in 2019 as the company acquired more than 25 new customers. With its focus on growth and expansion, Plus TI is working to expand its footprint in Brazil and Eastern Europe. “Our Monitor as a Service (SaaS) product will also be launched in the first quarter of 2020 and we will continue to invest in Machine Learning technologies to respond to our customers growing needs,” concludes Castellanos.