HSBC introduces Quantexa’s contextual data approach to weed out fraud and detect financial crime

HSBC has beefed up its financial crime detection system by deploying Quantexa’s contextual big data solutions.

The RegTech company’s anti-money laundering (AML) systems and automated sanctions checking system will from now on be part of HSBC Global Trade and Receivables Finance (GTRF) business’ ongoing efforts to improve financial crime detection.

Quantexa’s solution uses big data, advanced analytics and automated contextual monitoring to detect and disrupt financial crime in international trade. By deploying it, HSBC hopes to be better equipped to identify suspicious patterns.

Adrian Rigby, COO of GTRF at HSBC, said, “This new capability marks a significant milestone in the bank’s intelligence-led approach to detecting financial crime. The introduction of the first automated AML capability in the trade finance industry enables HSBC to more effectively concentrate our resources on genuine financial crime risk within our business and make trade safer for customers and society.”

Vishal Marria, CEO and founder of Quantexa, added, “The solution built with the Quantexa platform uses billions of data points to provide an entity resolution and network intelligence framework which references over 40 billion financial transactions. Using this technology, customer activities can be continuously assessed and scored for risk. This level of contextual monitoring improves accuracy, and decision making, while providing insight into data relationships never before possible.”

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