Data and analytics software company Quantexa has introduced the latest updated version of its contextual monitoring and investigations solution Quantexa Syneo.
According to Quantexa, it is aiming to set a ‘new revolutionary standard’ in financial crime and fraud detection and investigation with the latest incarnation of the product.
Quantexa Syneo offers financial institutions an all-in-one solution for the monitoring and investigation of financial crime and fraud, as well as automating time-intensive manual data gathering and analysis and supporting investigations with visualisation tools for exploration and decision making.
The company highlighted that the Syneo solution – underpinned by its Dynamic Entity Resolution and advanced analytics platform technology – bolsters detection rates with advanced models that use network-based context to cut false positives by over 75% and enhances alerts for investigators, who can identity escalating or mitigating risk factors to speed up decision making.
Syneo is also able to use the automated data compiled by investigators post-alert for all customer pre-alert generation to help identify novel risks and remove false positives. The company claims the platform is also able to reduce investigations times by up to 80%.
Quantexa CPO Alexon Bell said, “In the old world of traditional monitoring, systems take a one-dimensional approach to risk detection, looking at internal behaviours in isolation and unable to look externally to see the bigger picture. In the new world of contextual monitoring, a holistic picture is created between internal data, external data, and their connections.
“By building context, Quantexa Syneo transforms the monitoring and investigation of financial crime and fraud threats by alleviating current problems of high false positives, low disclosure rates and not being able to find new AML risk.”
Quantexa CEO Vishal Marria added, “Financial crime and fraud have devastating impacts on our society and the risks are constantly changing. Organizations need to rethink the use of traditional rules-based monitoring systems which are inflexible and incapable of dealing with the complexity and scale of today’s enterprise data demands.”
Earlier this year, Quantexa revealed it had doubled its revenues during fiscal year 2020, with 67% coming from new clients.
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