Financial Crime Compliance Technology: AML Transaction Monitoring Edition—2023 XCelent Awards, Powered by VendorMatch

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17 July 2023

Celent profiles 16 incumbent and new entrant providers of behavior detection solutions, and hands out XCelent Awards for Technology, Functionality, and Customer Service.


The ongoing transition to AI-enabled, high performance financial crime compliance systems is a leading indicator of the application of digital technologies to risk functions at financial institutions. As the risk back office pivots to digital technologies and processes, the supplier landscape has expanded dramatically with the addition of numerous new regtech entrants offering digitally-enabled solutions. In turn, the incumbent providers of AML systems have been enhancing their offerings in order to support these evolving technology requirements.

As a result of these shifts in technology and the supplier landscape, half of the systems profiled in this edition of Celent's AML TM systems report were developed by new entrants over the past five to ten years. Most of the systems featured in this edition, whether regtech or incumbent, offer cloud deployment options; and all of the solutions incorporate some degree of AI functionality.

To analyze the capabilities of AML transaction monitoring systems, we invited 40 software providers worldwide to participate in Celent’s research. Because some vendors chose not to participate or ultimately did not fulfill the participation requirements, the final report features 16 profiled vendors and 11 vendors fully participating in our ABC Vendor View analysis.

The profiles include Celent's analysis of the product, key features and analytics, and selling and servicing details. The 16 profiled vendors are Azentio, Eastnets, Featurespace, Fenergo, Google Cloud, Hawk AI,, LexisNexis Risk Solutions, Napier, NICE Actimize, Oracle, Quantexa, SAS, SymphonyAI Sensa-NetReveal, TCS, and Verafin.

To help financial institutions and other regulated companies better understand the vendor landscape and compare providers, we use Celent's ABC methodology to position 11 of the systems across three dimensions: Advanced Technology, Breadth of Functionality and Customer Base and Support.

The report recognizes the following products with XCelent Awards for AML Transaction Monitoring Systems:

• XCelent Technology: Hawk AI

• XCelent Functionality: NICE Actimize

• XCelent Customer Base and Support: NICE Actimize

The report also includes Celent's new Technology Capabilities Matrix (TCM) based on our overall market assessment, leveraging data from past briefings and client conversations. The TCM categories are:

Luminary: Excels in solution capabilities; generally has a leading market presence.

Technology Standout: Excels in technology modernity, although often without the same depth of features as leading competitors. Frequently newer, these solutions have chosen a focused set of functions with which to begin their journey.

Functionality Standout: Excels in functionality and likely to have a large installed base. Often more established, these solutions have built out a robust set of features over many years.

Noteworthy Solution: Potential challengers to the more established competition. They may occupy a niche place in the market, whether by targeted use case, by sector-leading features, by client size, or by geography.

Developing Solution: Typically new to the market. They may have the potential to mature into a market challenger.

Sign in or create an account to view how the vendors placed in the ABC and TCM quadrants.

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