IT and business consulting services firm CGI has launched an upgraded version of its HotScan solution called HotScan360, an end-to-end real time solution designed to help banks combat fraud.

Developed in partnership with major banks, CGI HotScan360 combines real time anti-money laundering, customer due diligence and fraud detection capabilities.

The solution does away with the requirement to rely on multiple tools for protection against fraud or rely on legacy batch processing.

Instead, CGI HotScan360 incorporates a real-time risk engine that leverages machine learning and advanced analytics to scan and score thousands of transactions every second.

The modular structure of CGI HotScan360 enables banks to integrate certain modules with other systems or remove them, based on requirement.

At the same time, the solution also adheres to new regulations including PSD2, GDPR and SEPA instant payment.

CGI vice-president Jan Macek said: “Financial crime is increasingly sophisticated, and new technologies enable criminals to replicate fraud across the globe 24/7. In addition, with real-time payments, banks no longer have hours or days to analyse transactions, but must do so instantaneously, within milliseconds.

“CGI HotScan360 meets the demands of the digital age through real-time monitoring and advanced data analysis of customer activities while reducing operational costs and providing a global support network.”