The North America Payment Monitoring Market would witness market growth of 18.1% CAGR during the forecast period (2020-2026). Many financial crimes are conducted across financial systems. Gaps in financial infrastructure and inability of financial institutions to take various steps are causing financial crimes. In addition, the stability of the economy is also damaged by financial crimes. All those who launder money are cleared by converting the legal proceeds of criminal proceedings. Regulators aim to prevent financial crimes by means of regulations and legislation. Regulations demand that you first check your customers during the on-board process and then follow up on their financial transactions. Compliance with AML and KYC would be achieved by companies that meet these criteria.
Over the years, hackers have developed sophisticated tactics aimed at finding and exploiting vulnerabilities. Currently, the rising losses arising from fraud account for 5 per cent of the total revenue of the company. With the growing amount of data generated from various transactions, businesses are now taking proactive steps to minimize losses from cyber threats and fraud. As such, identification and prevention of fraud has become one of the top priorities across a range of industries.
Business leaders operating across sectors, from healthcare to financial services, identify the shortcomings of conventional or current approaches and resources to counter digital fraud. Traditional approaches require complex and time-consuming investigations and are, therefore, predicted to become obsolete. Threats such as ransomware, phishing, Card Not Present (CNP), fake card, and Account Take Over (ATO) have adversely affected the usage of e-payment platforms. However, these threats are expected to limit the wider reach of digital channels, thereby hindering business growth.
Based on Component, the market is segmented into Solution and Services. Solution segment is further bifurcated into KYC/Customer Onboarding, Case Management, Watch List Screening, and Dashboard & Reporting. Based on Application, the market is segmented into Anti-Money Laundering, Compliance Management & Customer Identity Management and Fraud Detection & Prevention. Based on Organization Size, the market is segmented into Large Enterprises and Small & Medium Enterprises. Based on End User, the market is segmented into BFSI, IT & Telecom, Healthcare, Retail & eCommerce, Government & Defense, Energy & Utilities, Manufacturing, and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: Payment Monitoring Market in North America is expected to register a CAGR of 18.1% during the forecast period (2020-2026)
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include ACI Worldwide, Inc., BAE Systems PLC, Fiserv, Inc., NICE Ltd., Oracle Corporation, SAS Institute, Inc., Software AG, Fair Isaac Corporation (FICO), Fidelity Information Services (FIS), Inc., and Refinitiv Company.
Market Segmentation:
By Component
By Application
By Organization Size
By End-User
By Country
Companies Profiled
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