A leading software solutions provider which helps financial institutions to mitigate risk and fight fraud has joined the Open Data Institute (ODI), underlining its commitment to collaboration in solving the world’s data challenges.
Synectics Solutions works with major banks and insurers to give them critical insight into fraudulent activity and trends, and handles a multitude of data on their behalf.
In becoming a member of the ODI, Synectics will play a role in identifying the impact of the growing global web of data, and demonstrating the power of openly sharing data to prevent fraud and enable collaboration between businesses to reduce risks for all.
Head of Product, Mark Haslam, said: “We are the original pioneers and founders of the SIRA National adverse database, a syndicated database underpinned by the sharing of members’ adverse and non-adverse data.
“That database is growing at a rate of around 35,000 adverse entries a month and the success of this, in the context of the plethora of data created globally every day, has shown that collaboration is increasingly critical.
“Collaboration with data doesn’t stop with SIRA and fraud prevention, however, and we are continually exploring the huge number of opportunities that exist in a variety of sectors to help leverage the power of sharing data to mitigate risk and bring businesses greater success.”
When Sir Tim Berners-Lee invented the World Wide Web in 1989 few people would have comprehended the true scale of what was to follow.
The ODI was co-founded 23 years later in 2012 by Sir Tim and Artificial Intelligence expert Sir Nigel Shadbolt to address today’s global data challenges. The ultimate aim of the non-profit company is to build a strong data economy that delivers open innovation
Mark added: “There is a need to collaborate to unlock the true potential that data has to transform the world. What the ODI stands for fits with our vision of the future and naturally we’re delighted to become members.”