Synechron and Quantexa partner
07 July 2017 | 4575 views | 0
Synechron Inc., a global financial services consulting and technology services provider, has today announced its partnership with Quantexa, a specialist entity resolution and network analytics software provider.
The companies have teamed up to combine the strength of Quantexa’s software with Synechron’s business consulting expertise across its Customer Lifecycle Management (CLM) practice to help financial services firms manage challenges like anti-money laundering (AML), fraud, credit risk, and trader surveillance that place their businesses at significant risk and can cost them considerably.
Quantexa enables companies to make better decisions with their data through real-time entity and network resolution enhanced with network analytics and Artificial Intelligence (AI). Their technology allows users to knit together vast and disparate data sets and derive actionable intelligence. This is done by using Dynamic Network and Entity Scoring which gives businesses the ability to score entities and networks in both batch and real-time. This capability allows organizations to adapt to different use cases, react to crises, and evolve with requirements. With Synechron’s business consulting and front-to-back end development expertise, shared clients will be the first to experience Quantexa’s powerful entity resolution and network analytics software customized to their unique business use cases and with bespoke application development expertise.
Earlier this year, Synechron, as part of its AI Accelerator Program, announced its Data Science Accelerator for AML/Fraud which built a use case and technology architecture layer on top of Quantexa’s platform. The accelerator enables firms to protect their key assets from financial crime through algorithms that can detect potential illicit behavior, allowing the firm to react dynamically to the threat and proactively put in place controls to counter such threats. It uses behavioral pattern detection and predictive analysis, combined with an expert understanding of financial service firms’ operations to deliver a powerful surveillance solution that can be further customized to firm processes and controls.
This partnership expands on that work, allowing businesses to apply that same technique to other use cases where organizations are further looking to create a single view of their customers and to more strategically and insightfully market and sell products, optimize processes and services, and react promptly and cost effectively in crisis management. These areas include Fraud, AML, KYC, Anti-bribery and Corruption, Trader and Trade Surveillance, Crisis Management, Credit Risk Assessment, Procurement, and Marketing Targeting with a 360-degree customer view.
“Financial services firms are looking for Data Science to help them solve complex business challenges. Financial crime, whether in the guise of fraud, money laundering, terrorist financing, rogue trader, bribery, corruption, or market abuse, presents a clear and present danger for the financial services industry,” said Tony Clark, Managing Director of Synechron said. “Data Science has the ability to bring together a vast amount of data and create a single view of that data that can then be used to understand deeper patterns and relationships for strategic decision-making; however, realizing the full potential of the technology requires a deep understanding of the technology and the related business operations. Quantexa’s capability-led approach allows end-users to build entity and networks dynamically on the fly as well as in batch, which allows for a high-level of customization and a need for combined consulting and development guidance.”
“Synechron’s digital, business consulting and technical teams provide strong expertise and a proven track-record in delivering complex and strategic solutions, including systems integration, application development, customization and support. This combined with their strong domain knowledge for fast deployment made them a natural partner for Quantexa,” said Imam Hoque, COO and Global Head of Product for, Quantexa. “Their accelerator approach focuses on giving clients a real, customized solution to their problems with proven technology, and we were glad to be a part of that initiative. Now, we look forward to expanding the relationship to deliver similar solutions to clients across a range of use cases.”