Financial crime compliance solutions provider FICO has entered into a partnership with Arachnys, the client onboarding risk management RegTech firm.
Together, the two tech companies want to aid financial organizations in their efforts to quickly onboard client through intelligent automation that enable improved compliance process outcomes and lower false-positive rates.
David Buxton, CEO at Arachnys, said that the company’s cloud-native platform’s open architecture, risk knowledge management and comprehensive capabilities would give effective solutions for a wide variety of customer risk evaluation use cases.
“Through this integration with FICO’s compliance solutions, financial institutions around the world will gain access to relevant, curated data including local and international adverse media and corporate ownership data, enabling further benefit from enhanced insights and increased confidence in the people they do business with,” Buxton added.
Arachnys raised $10m in October 2018. The money would be used to scale its KYC tools.
FICO has previously partnered with risk analytics consultants 4most to improve banks’ regulatory compliance. That partnership was announced in January 2018.
FICO’s clients include European lender 4finance Group.
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