Quantexa and Arachnys Partner in the Fight Against Financial Crime
Written by Quantexa
Published: 3rd Jun 2018
LONDON, March 6, 2018 – 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.
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.”
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.”
Quantexa enables companies and institutions to make better decisions from their data. Quantexa’s revolutionary technology is based on the latest developments in big data software and uses real-time entity resolution with network analytics and AI to knit together vast and disparate data sets and derive actionable intelligence. It is led by a team of experts with a collective experience of over a century in advanced analytics and data focused solutions. The company is headquartered in London, with offices in Brussels, New York and Sydney.
Arachnys is a leader in cloud solutions for assessing financial crime customer risk, ensuring compliance for new regulatory CDD, KYC and EDD requirements and accelerating topline revenue. Financial institutions around the world rely on Arachnys’ financial crime risk assessment platform, machine learning algorithms and data harnessing technology to standardize and improve efficiency of compliance processes, reduce onboarding costs and improve the customer experience. Three of the world’s top 10 financial institutions and four of the world’s top 10 accountancy companies utilize Arachnys solutions for their financial crime risk assessment needs. Celent, a leading financial services research and advisory firm, recently recognized Arachnys for its innovative Robotic Process Automation solution for KYC/EDD. Arachnys is the registered trademark of Arachnys Information Services, headquartered in London with offices in New York. The Arachnys logos and product brands are trademarks/service marks of Arachnys. For more information please visit www.arachnys.com. Follow us on Twitter and LinkedIn.
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