Applicant name: The Alacer Group, LLC
Applicant type: Private Company
Headquarter City: Bellevue
Headquarter Country: United States
Innovation Name: Velocity HTBMS – Hybrid Enterprise Transaction and Behaviour Monitoring System, powered by Entity Resolution
Innovation Type: Product
Category: Best in Class Compliance Solution
Status of Innovation: In-market
Innovation Active Since: 01/01/2018
Innovation Description: Velocity FinCrime Solutions Suite is a powerful application suite that provides exceptional protection against financial crimes, such as fraud and money laundering, to financial institutions. Velocity’s Hybrid Transaction and Behaviour Monitoring System (HTBMS) uses advanced technologies and scales easily for organizations of any size. It is an intelligent and comprehensive enterprise-level solution that ensures compliance across sectors, including banks, MSBs, insurance, fintech’s, casinos, and online gaming.
Built on an AI platform, Velocity uses advanced AI-driven behavioural detection and proprietary Machine Learning models. It also utilizes industry-leading innovative Entity Resolution to resolve unique entities, focusing on customer and counterparty data. This creates a multi-layered link analysis of several critical data factors that help facilitate highly effective investigations.
This solution has been a game-changer for our clients, enabling them to pass regulatory audits, maintain compliance, and successfully get out of regulatory consent. It provides ongoing protection for financial institutions, allowing them to focus on taking care of their customers and employees while growing their business in a protected and ethical environment.
What was the inspiration for this innovation? Velocity FinCrime Solutions Suite was developed in response to the increasing complexity and frequency of financial crime, including money laundering, fraud, and terrorist financing. The founders of Velocity recognized the need for a comprehensive solution that could effectively combat financial crime, and they set out to develop a platform that could meet this need.
The founders of Velocity understood the challenges of traditional financial crime prevention methods and their limitations in today’s dynamic financial environment. As a solution, they built a platform using advanced technologies like AI, machine learning, and big data analytics.
One of the key inspirations for Velocity was the idea that financial crime prevention should not be limited to large financial institutions with significant resources. The founders believed that all financial institutions, regardless of size or location, should have access to effective financial crime prevention tools. They saw an opportunity to democratize financial crime prevention by creating a platform that could serve all financial institutions, regardless of their size or location.
Who can benefit from your innovation most? The Velocity FinCrime Solution Suite was designed to help financial institutions world-wide. As a general statement, countries with large financial industries and strict AML regulations are the ones that benefit the most. These countries use AML compliance software to comply with regulations, protect themselves from financial crimes, and maintain their reputation as a safe place to do business. However, our FinCrime Suite also benefits developing countries in several ways. While these countries may not have large financial industries, they are often vulnerable to financial crimes such as money laundering, corruption, and terrorist financing. Implementing Velocity’s FinCrime Solution Suite can help these countries detect and prevent financial crimes, which in turn will have a positive impact on their economy and reputation. Other benefits include:
  • Enhanced compliance
  • Detection of financial crimes
  • Increased efficiency
  • Access to global markets
Fraud and money laundering are global problems that need to be addressed independent of institutional size and location. Velocity is a global platform and in use today across North America, Asia, Australia, UK, Caribbean, and Central America.
What are you most proud of about your innovation? As a comprehensive solution for combating financial crime, Velocity FinCrime Solutions Suite had to overcome several significant challenges to effectively address the most difficult challenges in the industry. Some of these challenges included:
Integrating with diverse systems: Financial institutions use a variety of systems and platforms for their operations, which can create silos and fragmented information / data. To overcome integrating multiple data systems as well as bad data, Velocity developed data ‘Bots’ to do the work. This innovates approach to handling the data resulted in clients not needing to manipulate or map the data as well as greatly reducing the time to implement the FinCrime solution suite.
Developing advanced technology: To combat financial crime effectively, Velocity had to develop advanced technology that could analyze vast amounts of data in real-time, including real-time analytics, to enable clients from being reactive to proactive. This required significant investments in data science, machine learning, and AI technologies.
Why do you think you should win this category? User-friendly interface: Velocity FinCrime Solutions Suite has a user-friendly interface that makes it easy for financial institutions to use. This interface provides clear and concise information about financial transactions, making it easier for financial institutions to identify potential financial crime.
The revolutionary approach of Velocity FinCrime Solutions Suite to combat financial crime has created a comprehensive, obtainable, fraud and anti-money laundering solution that is designed to serve all financial institutions globally, regardless of their size.
In addition to a leading-edge solution for large, complex banks, Velocity also supports developing nations by integrating biometrics for increased due diligence in know-your-customer (KYC) procedures. It utilizes ChatGPT for negative news searches in multiple languages and countries, as well as proprietary AI algorithms to reduce false positives by up to 95%. Additionally, it provides best-in-class sanctions and politically exposed person (PEP) screening, auto-closing alerts, and auto-SAR filing, along with numerous other client-focused features.
Overall, Velocity FinCrime Solutions Suite is an innovative solution and one stop shop that is transforming the way financial institutions combat financial crime. Its comprehensive approach, advanced technology, real-time monitoring, user-friendly interface, and customizable solutions make it an ideal choice for financial institutions looking to prevent financial crime.
Velocity’s innovative engineers and data scientists continually push boundaries to stay ahead of bad actors, predict and reduce fraud, and keep financial institutions compliant.


Full Name: Tom Pirro
Role: Global Head of Sales
Full Name: Laura Cohen
Role: Financial Services Solutions Specialist
Full Name: Ranika Agarwal
Role: Sr. Marketing Manager


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