Enterprise application software developer SAP has introduced a new solution SAP Business Integrity Screening to reduce financial risks associated with business transactions.

The new application analyses data to identify suspicious transactions and patterns in real time and spot potential fraud and compliance failures.

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This automation is expected to result in major efficiency gains and cost savings for financial institutions.

Powered by SAP HANA, the solution enables the organisations to detect anomalous transactions early as well as predict future incidents of such scenarios.

Furthermore, the application also filters the business entities and individuals to reduce the risk of conducting business with blacklisted or high-risk parties.

SAP general manager and LoB Finance global head Thack Brown said: “The price for failing to properly screen the integrity of business activities can be steep.

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“At SAP, we are dedicated to helping businesses run better, and mitigating risk is a critical part of that.

“Our new business integrity capabilities not only allow us to help spot, reduce and prevent fraud and other irregularities but also help our customers better identify the integrity of the third parties they conduct business with.”

The new SAP Business Integrity Screening can be integrated with other software including SAP Predictive Analytics and the SAP ERP, SAP Process Control, and SAP Audit Management applications.

Such integration will help in carrying out investigations of financial discrepancies, alert notifications as well as strengthen overall compliance initiatives.