FICO’s Procurement Fraud Tool Lands On Amazon Web Services

FICO’s Falcon Assurance Navigator solution is now available on Amazon Web Services (AWS).

The analytics software firm announced news on Wednesday (April 18) that Falcon Assurance Navigator, its solution to help identify fraud and spend waste in the procurement function, is now available on AWS, enabling end users to benefit from both tools, according to Doug Clare, vice president of product management at FICO.

“Falcon Assurance Navigator on AWS combines the power of FICO advanced analytics and the benefits of AWS,” Clare said. “FICO customers now have a lower-cost solution that can dynamically scale to handle challenging swings in transactions volumes as well as high loads during peak usage.”

Falcon Assurance Navigator integrates with companies’ existing procurement and expense management systems to identify wasted spend and fraudulent transactions. The tool analyzes data from T&E expenses, purchase orders, invoices, payment requests and card spend.

“In today’s era of greater corporate accountability, it’s absolutely essential for organizations to take a comprehensive and systematic approach to rooting out unauthorized, wasteful or fraudulent spending activity,” Clare added. “However, this is hard because spending is spread across multiple systems. This results in internal audits that are manually intensive and focused on a small subset of transactions.”

“By leveraging advanced analytics and continuous monitoring of all transactions, we help organizations identify far more unusual or incorrect transactions and give their audit teams the time to focus on transactions and patterns that really need their attention,” he continued.

FICO’s flagship product, the FICO credit score, could be at risk from FinTech disruption as lenders look for other ways to mitigate risk and underwrite loans, using alternative data sources and artificial intelligence technology. Its dominance in the market is at risk as well. Earlier this year, the Federal Housing Finance Agency announced it is considering an opening of the credit assessment market for mortgages, opening up the industry to other credit assessment players to analyze creditworthiness for mortgages. At present, FICO scores are the only tool used by both Fannie and Freddie to determine borrower creditworthiness.