Quantexa has announced it is collaborating with KPMG to help organisations in the UK defend against fraud, money laundering, and illicit finance.
KPMG will deliver Quantexa’s Contextual Decision Intelligence (CDI) software to enable clients to “unlock the power” of their data assets to combat against an increasing international financial crimewave.
Reportedly, CDI “solves the issue” for managing disparate data in Financial Services. Quantexa said by placing data in context with CDI’s approach, customers can “reveal and understand” previously hidden risk in the real-world relationships between people, places, and organisations.
The software will “uncover patterns which humans alone cannot detect”, so data scientists and investigators can make “better-informed, trusted decisions” to navigate their organisations through changes and situations which can increase risk.
According to Quantexa, this collaboration will “help customers improve operational business decision making performance, minimise client risk and ensure higher levels of compliance”.
This is due to the development of “more effective strategies to enhance value” across areas such as transaction monitoring, investigations, credit risk and fraud detection, said Quantexa.
KPMG and Quantexa’s collaboration will also reportedly help clients to leverage AI and ML to “present a single entity view” of customers’ data and their associated risks.
Vishal Marria, founder and CEO of Quantexa, 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.”
Mark Cordy, partner in Financial Crime Technology at KPMG 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.”