By Alice Chambers |
Quantexa’s Cloud anti-money laundering (AML) offering, a software-as-a-service (SaaS) product delivered on Microsoft Azure, is helping mid-size and community banks to get access to contextual data, analytics and AI for financial crime detection and prevention.
Financial institutions managing between $5 billion and $200 billion in assets can use the solution for 80 per cent faster investigations and reduce false positives by up to 75 per cent.
“For too long, mid-size and community banks have been held to standards of larger institutions with the same level of regulatory accountability without tier-one staffing, budgets or technology,” said Chris Bagnall, head of financial crime solutions for Northern America at Quantexa. “Quantexa Cloud AML changes that equation. With alignment from trusted anti-financial crime professionals, it is accurate, cost-effective, flexible and data driven to enable these banks to focus their teams on the threats that matter most.”
Bill Borden, corporate vice present of worldwide financial services at Microsoft, said: “By bringing Quantexa’s proven AI-driven AML capabilities to the cloud, we’re helping our joint customers modernise compliance, improve detection and operate with greater efficiency and trust. Together, Microsoft and Quantexa are enabling financial institutions to protect their customers and communities while accelerating innovation in the fight against financial crime.”