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QuantaVerse Offers Trial Of FI Anti-Fraud Product

July 01, 2020 at 07:39PM

QuantaVerse, which specializes in investigating financial crime using artificial intelligence (AI) and machine learning, is offering a trial of its “jurisdiction identification” capability as a standalone function for financial institutions (FIs) looking to reduce risk and false positives. The standalone product is the country code derivation capability of the QuantaVerse risk-scoring package, according to a Wednesday (July 1) press release.

“The AI-powered, cloud-based function helps financial institutions struggling to identify potentially risky jurisdictions, or country codes, of transacting parties,” the Pennsylvania-based company said. “With this offering, financial institutions can easily trial AI-enabled automation against a particularly intractable part of the entity resolution process.”

QuantaVerse said it uses its AI Financial Crime Platform to reduce financial crime risk “by identifying patterns and discerning anomalies that current approaches and systems regularly miss.” For one, that means figuring out potentially risky jurisdictions, or country codes, of transacting parties.

QuantaVerse said its products have helped customers more efficiently deal with anti-money laundering (AML) laws and the U.S. Foreign Corrupt Practices Act. The ultimate goals of its products are to curb the drug trade, human trafficking, terrorism and political corruption.

“Financial institutions are recognizing that automating with AI is the best way to ferret financial crime out of our banking systems,” said David McLaughlin, CEO and founder of QuantaVerse. “We want to make it as easy as possible to let them wade in and try AI out to address their entity-resolution challenges. With this new offering, we’re providing financial institutions with the opportunity to see how AI can dramatically reduce their jurisdiction risk while increasing investigation efficiency.”

Many financial institutions, in part prodded by the pandemic, are upgrading their computer systems.

“Migrating to cloud- and AI-based solutions could help FIs handle growing calls for faster banking tools during the COVID-19 pandemic, and recent trends show they are beginning to do so,” according to PYMNTS’ June 2020  Digital Banks And The Power Of The Cloud Tracker.

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