Synechron and Quantexa partner to support financial services firms
Synechron and Quantexa have partnered to form a new entity-resolution crisis management platform, designed specifically for financial consultancy firms. The Data Science Accelerator for AML/Fraud will utilise AI to flag up suspicious transactions to clients.
New York based digital financial consultancy Synechron has begun a new era of cooperation with Quantexa, a network analytics software provider, for the launch of a new project which is aimed at bettering clients’ access to anti-money laundering, fraud, credit list and trade surveillance. The technology provided by Quantexa is aimed at combining vast and disparate data sets with actionable intelligence, something that Synechron will apply practically for clients of the financial consulting group. Financial services are increasingly seeking to use data science to overcome various types of financial crimes which include fraud, money laundering – which is estimated to be as high as 5% of global GDP, or roughly U.S. $1-2 trillion annually – terrorist financing, and various other forms of corruption and market abuse which remain as threats for the financial services industry.
The alliance builds on collaborative efforts between the two companies earlier this year, when Synechron – who won two Financial Technologies Forum awards at the 2017 FTF Technology Innovation Awards – built a use case and technology architecture layer on top of Quantexa’s platform as part of it’s consultancy’s AI Accelerator Programme. The subsequent Data Science Accelerator for AML/Fraud enables firms to protect their key assets from financial crime through algorithms that can detect potential illicit behaviour, allowing the firm to react dynamically to the threat and proactively put in place controls to counter such threats.
Synechron and Quantexa will now be employing Dynamic Network and Entity Scoring, which allows companies to score entities as well as networks in batch and in real-time. The service provided by Quantexa will be targeted at furthering the ability of organisations to adapt to different case scenarios, whereby they can act to prevent crises and meet the requirements. Having aligned with Synechron, the joint relationship combines business consulting and development expertise with shared clients who can benefit equally from Quantexa’s powerful entity resolution and network analytics software. Synechron has been accredited with its involvement in the development of its Data Science Accelerator for AML/Fraud, which has been added as an addition to Quantexa’s platform.
Commenting on the rationale behind the extended partnership, Tony Clark, Managing Director of Synechron said, "Data Science has the ability to bring together a vast amount of data and create a single view of that data that can then be used to understand deeper patterns and relationships for strategic decision-making; however, realising the full potential of the technology requires a deep understanding of the technology and the related business operations. Quantexa’s capability-led approach allows end-users to build entity and networks dynamically on the fly as well as in batch, which allows for a high-level of customisation and a need for combined consulting and development guidance."
Preventing financial crimes
The Accelerator ensures the safety of the firm as the system employs algorithms that have the ability to detect any irregularities, which can prevent financial crimes. This platform acts as a protective mechanism for firms to strengthen control over potential threats, and find solutions to counter them. Financial consulting firms can be supported by the new data science, with the help of the behavioural pattern detection and predictive analysis functions in addition to an expert within the field, the system brings about customised schemes for firm processes and control.
Imam Hoque, COO of Quantexa, remarked on the deal, "Synechron’s digital, business consulting and technical teams provide strong expertise and a proven track-record in delivering complex and strategic solutions, including systems integration, application development, customisation and support. This combined with their strong domain knowledge for fast deployment made them a natural partner for Quantexa. Their accelerator approach focuses on giving clients a real, customised solution to their problems with proven technology, and we were glad to be a part of that initiative. Now, we look forward to expanding the relationship to deliver similar solutions to clients across a range of use cases."
