The leading knowledge platform for the financial technology industry
The leading knowledge platform for the financial technology industry

A-Team Insight Blogs

Exiger Wins SMBC Business with AI Tool

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.

Related content

WEBINAR

Recorded Webinar: The post-Brexit UK sanctions regime – how to stay safe and compliant

When the Brexit transition period came to an end on 31 December 2020, a new sanctions regime was introduced in the UK under legislation set out in the Sanctions and Anti-Money Laundering Act 2018 (aka the Sanctions Act). The regime is fundamentally different to that of the EU, requiring financial institutions to rethink their response...

BLOG

SIX Fintech Ventures Leads $8 Million Funding for Crypto RegTech Coinfirm

SIX Fintech Ventures, the corporate venture arm of Swiss exchange operator and data vendor SIX, has co-led an $8 million Series A funding round for Coinfirm, which operates a blockchain-based AML Platform for crypto assets designed to protect against ransomware hacks, human trafficking, sanctions evasion and terrorist financing by risk scoring entities, addresses and transactions. As part of the...

EVENT

TradingTech Summit Virtual

TradingTech Summit (TTS) Virtual will look at how trading technology operations can capitalise on recent disruption and leverage technology to find efficiencies in the new normal environment. The crisis has highlighted that the future is digital and cloud based, and the ability to innovate faster and at scale has become critical. As we move into recovery and ‘business as usual’, what changes and technology innovations should the industry adopt to simplify operations and to support speed, agility and flexibility in trading operations.

GUIDE

Entity Data Management Handbook – Seventh Edition

Sourcing entity data and ensuring efficient and effective entity data management is a challenge for many financial institutions as volumes of data rise, more regulations require entity data in reporting, and the fight again financial crime is escalated by bad actors using increasingly sophisticated techniques to attack processes and systems. That said, based on best...