Varo Bank taps Quantifind’s AI platform for adverse screening, automated investigations

July 23, 2021

Varo Bank has selected financial crime investigation firm Quantifind’s Graphyte platform to optimise its adverse media screening and investigations automation performance.

Quantifind is a provider of a software-as-a-service platform that is used to help banks automate financial risk screening and investigations. Varo Bank – founded in 2015 – is a California-based digital bank and has to date raised $482m in funding.

According to Quantifind, Varo will use the AI-powered risk assessments and investigation tools provided through the Graphyte platform to optimise the performance and productivity of their anti-money laundering (AML) and enhanced due diligence initiatives.

Quantifind added that Graphyte leverages both AI and data science in order to detect and characterise signals of risk among thousands of watch lists and media sources. Furthermore, the firm claimed banks are able to incorporate timely adverse media information via API throughout their monitoring processes and automatically prioritise the customers and transactions that pose the greatest threat and warrant the most immediate attention.

Quantifind also highlighted that AML analysts who then use Graphyte’s investigation applications can then make their review and reporting processes over 40% more productive.

Varo BSA officer Prav Chandrasekaran said, “The performance of the Quantifind platform is remarkable in terms of its ability to provide accurate and complete results in a way that facilitates our analysts’ work and can scale with our growth. In selecting Quantifind we feel we can fully leverage AI and Open Source data as well as bring consistency to our processes, maximizing the performance of our AML programs.”

Quantifind CEO and co-founder Ari Tuchman added, “Varo is an incredibly innovative and forward-looking organization, which makes having them as a customer all the more gratifying. We are well-aligned on our vision of the future of compliance and the role that adverse media can play in making banking more accessible to lawful customers.”