Resistant AI, a fraud and financial crime prevention services provider, has partnered with anti-financial crime company Client Fabric Tech.
According to Resistant AI, its enhancement technology will be a key component in the Client Fabric ecosystem.
Client Fabric Tech is building an ecosystem that businesses can use to manage all of their due diligence requirements including ongoing due diligence via a single API.
Resistant AI’s technology employs an ensemble of machine learning detectors in real time to identify anomalous transactions and user activities indicative of money laundering, stolen identities, account takeovers, and other financial crimes.
These capabilities will be embedded as a core component of the Client Fabric Tech ecosystem using a modular approach to ensure clients have access to the best technology.
Resistant AI CEO and founder Martin Rehak said, “We are thrilled to be included in Client Fabric Tech’s financial crime ecosystem. The increasing sophistication of criminals, coupled with the march towards greater digitalization in finance, requires a new approach.
“By using techniques based on the most recent AI innovations, organizations can detect behaviours that are out of the ordinary when onboarding customers, performing ongoing due diligence, or examining transactions. This more flexible and more robust approach adapts as the nature of financial crime evolves and at the same time ensures that the effort involved to investigate suspicious events is minimized.”
Client Fabric Tech co-founder Pallavi Rao added, “As a private banker, I spent over 50% of my time brokering conversations between clients and the anti-financial crime teams to access the data needed.
“The process caused significant friction at both account opening and during the course of the relationship, so combining great tech like Resistant AI into a single ecosystem that includes decentralised identity, AI and skilled professionals with verifiable credentials will help us deliver assured outcomes i.e., access to financial services and products on demand and this is something we are truly excited about.”
Earlier this year, Resistant AI, received a clean System and Organization Controls (SOC) 2 Type 1 attestation report.
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