Standard Chartered, Quantexa partner to develop AI platform to combat financial crime

Quantexa’s AI platform offers Standard Chartered a connected 360-degree customer view, empowering its investigators in taking faster and accurate decisions.

British multinational banking majorStandard Chartered has partnered with Quantexa, a contextual decision intelligence software developer, to strengthen anti-financial crime efforts worldwide.

To provide solutions to tackle money laundering, fraud and terrorist financing, Quantexa will support Standard Chartered’s Financial Crime team through the use of dynamic entity resolution, network analytics and contextual data…

The fintech stated that its decision intelligence platform utilises artificial intelligence (AI) to provide the bank with a connected 360-degree customer view, thus empowering its investigators in taking fast and accurate decisions.

The platform is expected to help Standard Chartered in performing complex financial thematic investigations efficiently.

With the capabilities offered by Quantexa, Standard Chartered will be able to see a holistic view of investigations and get a deeper understanding on the trends and risks across billions of data points from more than 40 countries.

Standard Chartered, FCC Controls Strategy and Innovation Head Praveen Jain said: “Quantexa’s solution consolidates information from multiple sources, leverages advanced analytics, visualisation and contextual output.

“This not only simplifies tasks for the analyst, but also helps them understand the flow of funds, see the relationships between entities and identify otherwise hidden linkages that may have been difficult to establish previously.”

With automation of labour intensive, manual intelligence gathering, the platform allows the bank’s investigators to save time to focus on finding the true risk, and improve consistency in their investigations.

Quantexa’s AI-based platform will become a key support tool for the bank

The platform is expected to become an important support tool for Standard Chartered, by offering rich details about customers and transactions in one place, visualising the relevant relationships and behaviours to provide a context for fast decisions.

It also allows the bank to leverage its existing investments in monitoring and case management for financial crime compliance.

Quantexa CEO and founder Vishal Marria said: “Working with Standard Chartered to support this initiative is a true testament to their desire to tackle and disrupt financial crime globally. Standard Chartered and Quantexa are at the forefront of using Contextual Decision Intelligence and I am very much looking forward to growing this partnership with the bank across the enterprise.”