LexTego are developing an open source platform to detect fraudulent and Money Laundering activities within a Financial Ecosystem. The product is being developed alongside a payment switch, Mojaloop. The platform will be real time or near real time and the current plan is to address more than 270 typologies that have been identified so far.
These typologies have been assessed against a framework called A.P.R.I.C.O.T. This framework helps to break down the dimensions of a typology into a structured approach that simplifies the standardised creation of the rules to identify rogue activity - as well as the data required.
The platform will be made freely available under the Apache 2.0 open source license. The core aim to make the product easy to integrate and set an industry base line
The platform will be real time and have a low response turnaround time of 35ms for select typologies. It will also have the capacity to address all typologies in near real time.
The product will be implemented against ISO20022 to ensure minimal impact as countries are moving to ISO20022.