Babel Street and IMTF, two leaders in regulatory technology, have announced a strategic partnership that introduces advanced multi-lingual name screening capabilities within IMTF’s SironOne platform.
Babel Street specializes in advanced AI, data, and analytics for global information intelligence. In contrast, IMTF excels as a global provider of anti-financial crime compliance solutions, making this collaboration particularly synergistic.
The partnership aims to address the increasing demand for accurate and efficient name matching across diverse languages and scripts. This need has grown as financial institutions expand their digital channels globally, necessitating robust identity verification to comply with complex international Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations.
Babel Street brings to the table its Match technology, which enables precise, efficient, and explainable name matching across over 24 languages and scripts, including those used in the Middle East and Asia-Pacific.
This technology complements IMTF’s comprehensive SironOne end-to-end compliance platform, enhancing the verification processes. The integrated solution aims to strengthen verification, reduce false positives, provide transparency, and streamline workflows, empowering institutions to better detect and prevent financial crime while ensuring compliance.
This collaboration comes at a crucial time as financial institutions face increased pressure to enhance their compliance practices and prove the efficacy of their regulatory adherence. With escalating regulatory expectations, institutions are challenged to balance rigorous oversight with operational efficiency.
“We’re dedicated to providing our clients worldwide with reliable, innovative compliance solutions,” IMTF co-CEO Dr. Sebastian Hetzler said. “By integrating Babel Street’s AI-driven Match technology, we are enhancing our international clients’ compliance capabilities, particularly in regions with diverse naming conventions like the Middle East and APJ. This powerful add-on will enable them to confidently verify identities across languages and scripts with precision, reduce false positives, and streamline compliance workflows globally.”
“We are seeing a shift in what is expected from regulators in compliance solutions, and as new regulations continue to be put in place, the ability to quickly adapt to meet evolving requirements is critical for RegTech solution providers,” Babel Street Chief Strategy Officer John Weaver said. “We are excited to partner with IMTF to deliver a solution that not only meets current regulatory demands but also equips financial institutions for the future of compliance.”
Copyright © 2024 RegTech Analyst
Copyright © 2018 RegTech Analyst
