London-based Standard Chartered, a multinational banking and financial services company with $688 billion in assets, has teamed up with Quantexa, a contextual decision intelligence software developer, in order to enhance the bank’s anti-financial crime efforts.
Quantexa’s management says the company will support Standard Chartered’s financial crime division by using contextual data, dynamic entity resolution, and network analytics to combat major real-world problems, such as terrorism financing, money laundering, and various fraudulent schemes.
Quantexa’s artificial intelligence (AI)-enhanced, decision intelligence platform will provide Standard Chartered a connected 360-degree client view. This will help the institution’s investigators in making quicker and more accurate decisions.
As mentioned, the platform has been created through a partnership between Quantexa and Standard Chartered. It has been designed to help perform advanced financial thematic investigations in a more efficient and effective manner.
The advanced capabilities offered by Quantexa will allow Standard Chartered’s employees to get a holistic or complete view of ongoing investigations. This should help provide investigators a better understanding of the different trends and potential risks across a large number of data points from over 40 countries.
Standard Chartered’s investigators will be able to take advantage of automated intelligence gathering offered by Quantexa’s platform. This will help the officials bring more consistency to their investigations while also being able to focus on finding the actual risks.
Praveen Jain, head of FCC Controls Strategy and Innovation at Standard Chartered, stated:
“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.”
Vishal Marria, CEO and founder at Quantexa, noted:
“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.”