Hummingbird, a leader in financial crime risk management, has announced the strategic acquisition of LogicLoop, known for its pioneering no-code data integration and automation technology.
This acquisition is set to enhance Hummingbird’s mission to serve as the foundational operating platform for financial crime and compliance teams worldwide.
The primary motivation behind this acquisition is to address the persistent challenge of data fragmentation that plagues financial institutions globally. Risk and compliance teams often face significant hurdles in accessing and leveraging data for effective risk management and financial crime investigation. By integrating LogicLoop’s innovative technology, Hummingbird aims to eliminate these inefficiencies and gaps.
Hummingbird is renowned for its comprehensive solutions in anti-money laundering, anti-fraud, and customer due diligence, aimed at enhancing the efficiency of compliance workflows without compromising accuracy or increasing risk exposure. On the other hand, LogicLoop has carved a niche in enabling operational teams to leverage extensive data without the need for intensive technical resources, through its no-code platform.
This acquisition heralds a significant evolution in risk and compliance management technology by allowing the integration of internal and external data sources through no-code setups. This enhancement not only reduces the dependency on technical staff but also empowers financial institutions to adapt quickly to emerging trends in financial crime. The merger creates a unified operating system that centralizes risk and compliance activities, facilitating thorough investigations and informed decision-making through advanced data aggregation and visualization tools.
Hummingbird CEO Joe Robinson said, “We envision a future where financial institutions can connect any data source, instantly access the information using queries or AI, and route it through automated procedures and into investigations to seamlessly facilitate compliance work.
“This acquisition brings that future into the present day, increasing the utility of an institution’s data and enabling better decision-making for financial crime fighters.”
LogicLoop CEO Jesika Haria said, “I founded LogicLoop to empower operations teams to do more with data – without relying on scarce technical resources.
“By integrating LogicLoop into Hummingbird’s best-in-class compliance platform, more financial institutions will be able to harness the power of data, automation, and AI, gaining a competitive advantage in the fight against financial crime.”
Keep up with all the latest FinTech news here.
Copyright © 2024 FinTech Global
Copyright © 2018 RegTech Analyst
