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: Effective due diligence, screening and monitoring to mitigate financial crime risk

Date: 24 September 2024 Time: 10:00am ET / 3:00pm London / 4:00pm CET Duration: 50 minutes Managing financial crime risk requires a comprehensive approach to due diligence, screening, and continuous monitoring. Financial institutions face increasing regulatory scrutiny and staying compliant in today’s dynamic environment requires advanced technologies. Failure to comply is resulting in severe enforcement...

BLOG

A-Team Group Announces Winners of RegTech Insight Awards Europe 2024

A-Team Group has announced the winners of its RegTech Insight Awards Europe 2024. The awards recognise both established providers and innovative newcomers providing RegTech solutions to capital market participants that significantly improve their ability to respond effectively to evolving and ever more complex regulatory requirements. The awards were announced on 23 May 2024. This year’s...

EVENT

TradingTech Summit London

Now in its 14th year the TradingTech Summit London brings together the European trading technology capital markets industry and examines the latest changes and innovations in trading technology and explores how technology is being deployed to create an edge in sell side and buy side capital markets financial institutions.

GUIDE

Pricing and Valuations

This special report accompanies a webinar we held a webinar on the popular topic of Pricing and Valuations, discussing issues such as transparency of pricing and how to ensure data quality. You can register here to get immediate access to the Special Report.