Data and analytics software company Quantexa has formed a deal with KPMG in the UK, which will see it deploy its technology to help the auditing giant with combating international financial crime.
The deal will leverage Quantexa’s CDI (contextual decision intelligence) software, which puts context to data to uncover hidden patterns.
By leveraging the tool, customers can reveal and understand hidden risk in real-world relationships between people, places and organisations. Enriching data with contextual meaning and uncovering patterns humans would miss, facilitates better-informed and trusted decisions to combat risk of fraud.
Through the deal, customers can improve operational business decision making performance, minimise client risk and ensure higher levels of compliance, it claims.
Quantexa CEO Vishal Marria said, “Building greater trust and automating decision-making, along with efficiency that lowers costs, while reducing financial crime risk and assuring compliance, is simply good business.
“New risks demand new technology and techniques. Using Contextual Decision Intelligence, customers are experiencing a whole new way to maximise the power of their data, revealing risks and opportunities they cannot otherwise see today.”
By leveraging the CDI capabilities and KPMG’s consulting services, users will get added accuracy for customer transaction reviews and a clearer picture of associated risks.
Mark Cordy, partner in financial crime technology at KPMG in the UK, said, “Fighting financial and economic crime has a substantial cost to society and business. Financial institutions understand they must have robust procedures as well as the right technology to effectively identify and prevent financial crime.
“Using digital technology to detect money laundering risks and other suspicious activities helps companies achieve compliance, understand their business better and protect against crime.”
Quantexa’s CDI platform connects disparate internal and external datasets, such as integrating with the UK’s National Fraud Database with internal customer data. These connections provide a single view of data surfaced in network graphs of real-world entities.
The RegTech company recently extended its Series D round with an investment from BNY Mellon. Quantexa initially secured $153m in the round back in July, with investors including Warburg Pincus, Dawn Capital, ABN AMRO Ventures and HSBC, among others.
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