About a-team Marketing Services
The knowledge platform for the financial technology industry
The knowledge platform for the financial technology industry

A-Team Insight Blogs

Exiger Wins SMBC Business with AI Tool

Subscribe to our newsletter

Sumitomo Mitsui Banking Corporation Europe has confirmed an agreement with London-based governance, risk and compliance (GRC) solutions provider Exiger to utilise its artificial intelligence (AI)-powered KYC onboarding technology, DDIQ, to drive its KYC programme in the EMEA region. The bank selected Exiger following a detailed evaluation process, and deploy the solution throughout its client onboarding and monitoring processes.

DDIQ is an AI-based automated due diligence solution that analyses content with cognitive reasoning to execute and accelerate risk assessment related to clients, investments, transactions, third-parties and counterparties. Taught by Exiger’s financial crime compliance professionals, the risk-based computing platform uses AI to read, understand, and analyse content.

Behind each profile is DDIQ’s decision engine, which interprets and processes natural language while leveraging the power of machine learning, employing the same cognitive processes that a due diligence researcher would perform but without the necessary constraints of human-based research. It can be used either as part of a regulatory compliance programme or to assist with routine investment analysis and is available either in Software-as-a-Service (SaaS) format or in a configured enterprise service for higher volume scenarios.

According to Exiger, the solution will enable SMBC to reduce false positives in customer due diligence and boosting operational efficiency by over 80%.

“Our goal is to ease the client onboarding process by bolstering SMBC’s deep expertise and global footprint with DDIQ’s capabilities, leading the way to advance the standard of efficiency and automation in global banking,” says Brandon Daniels, President of Global Technology Markets at Exiger.

The deal represents the latest in a program of expansion for Exiger as it builds on the growing global focus on tackling financial crime. Earlier this month the firm acquired Wisconsin-based Convergent Solutions, a business specializing in the delivery of intelligence analysis, cybersecurity and national security solutions to the Federal Government; while the following week Daniels himself was invited to join the invite-only Forbes Technology Council.

Subscribe to our newsletter

Related content

WEBINAR

Upcoming Webinar: How to ensure efficient, accurate, timely and compliant entity data management

Date: 29 November 2023 Time: 10:00am ET / 3:00pm London / 4:00pm CET Duration: 50 minutes Requesting, gathering, analysing and monitoring customer, vendor and partner entity data is a time-consuming, and often a manual process. These aspects can slow down customer relationships and can expose financial institutions to risk from inaccurate, incomplete or outdated data...

BLOG

AML Controls in the UK, Challenges of Non-Fungible Tokens, Potential Solutions

Chris Bourne, compliance expert in AML, CTF, KYC and KYB, Northrow. The UK has long prided itself on its robust Anti-Money Laundering (AML) legislation and its commitment to combatting financial crime. However, as criminals continually evolve their tactics, it is crucial to assess the effectiveness of AML controls in the UK and their future suitability...

EVENT

ESG Data & Tech Summit London

The ESG Data & Tech Summit will explore challenges around assembling and evaluating ESG data for reporting and the impact of regulatory measures and industry collaboration on transparency and standardisation efforts. Expert speakers will address how the evolving market infrastructure is developing and the role of new technologies and alternative data in improving insight and filling data gaps.

GUIDE

Regulatory Reporting Handbook – First Edition

Welcome to the inaugural edition of A-Team Group’s Regulatory Reporting Handbook, a comprehensive guide to reporting obligations that must be fulfilled by financial institutions on a global basis. The handbook reviews not only the current state of play within the regulatory reporting space, but also looks ahead to identify how institutions should be preparing for...