20 July 2018
Visit www.gemalto.com

Quantexa and Arachnys combine big data and robotic automation in fight against financial crime

06 March 2018  |  3798 views  |  0 Source: Quantexa

Big-data specialist Quantexa is partnering with compliance robotic automation leader Arachnys in the fight against financial crime.

Both technology providers will be harnessing the power of each other’s respective technologies to identify and monitor customer risk.

Quantexa will be using Arachnys’ cloud-based investigation platform and global news assets to dynamically screen against negative news, locate missing Know Your Customer (KYC) data and provide enhanced risk scoring. This will give financial institutions a deeper understanding of the risks associated with their customers.

Arachnys will utilise Quantexa’s software to compute relationship and network risk, to identify high-risk entities and Ultimate Beneficial Owner (UBO) structures in a subject’s network and to trigger events for KYC data collection.

The fusion of the technologies will reduce false positive matches and ensure complete views of customer risk across entire populations, while assuring compliance for new regulations.

The partnership comes ahead of the US Treasury’s Office of the Comptrollers for Currency (OCC)’s final rule on Customer Due Diligence (CDD) which will be implemented on May 11, 2018. The OCC ruling states that all financial institutions must adhere to specific requirements in understanding who the UBO is of each newly opened account.

Ed Sander, President of Arachnys, commented on the partnership: “The identification of Ultimate Beneficial Owners will provide a central benefit to financial institutions in 2018. I am delighted that the combined Arachnys and Quantexa capabilities will provide financial institutions with major improvements in their risk management capabilities to help them in their ongoing fight against financial crime.”

Vishal Marria, CEO of Quantexa, added: “We are excited to collaborate with Arachnys in advancing the services we both offer. With the final date on the OCC’s ruling fast approaching, we’re proud to be able to offer financial institutions technology to help keep them compliant and tackle a crucial issue.”

Comments: (0)

Comment on this story (membership required)

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit iliad-solutions.com/Visit http://go.jumio.com/finextraAdVisit info.nice.com

Who is commenting?

Top topics

Most viewed Most shared
Calmejane quits Lloyds Bank to join SocGenCalmejane quits Lloyds Bank to join SocGen
12967 views comments | 6 tweets | 7 linkedin
Hong Kong plans September go-live for blockchain-based trade financeHong Kong plans September go-live for bloc...
10441 views comments | 9 tweets | 17 linkedin
Mastercard enlists Worldpay to push Vocalink's Pay by Bank appMastercard enlists Worldpay to push Vocali...
9782 views 19 comments | 15 tweets | 30 linkedin
IBM to test dollar-pegged 'stablecoin'IBM to test dollar-pegged 'stablecoin'
6827 views comments | 4 tweets | 14 linkedin
Bringing about new systems and faster payments globallyBringing about new systems and faster paym...
6649 views comments | 2 tweets | 7 linkedin

Featured job

to GBP £90K base, double OTE (estimate)
London, UK or Europe

Find your next job