Global bank ING and data analytics software company Quantexa have announced a strategic partnership.
The collaboration aims to strengthen ING’s risk detection and investigative efforts by utilising Quantexa’s Decision Intelligence Platform. This will enable ING to gain a 360-degree view of customer data, identify risk, and continue advancing their world-class customer experiences.
Quantexa, a global leader in Decision Intelligence (DI) solutions for public and private sectors, helps organizations make trusted operational decisions by making data meaningful.
Quantexa’s platform uses AI and advanced graph analytics capabilities to help ING’s investigative teams develop more effective and efficient global Know Your Customer (KYC) and Anti-Money Laundering (AML) measures. By connecting customers and counterparties, the platform creates context and uncovers complex networks, further automating first line defence processes.
ING selected Quantexa’s platform for its ability to analyze internal transaction data and incorporate external data to complete a 360-degree view of customer base risk. The partnership began with a successful first implementation for Trade Finance in Hong Kong and Singapore in early 2023. ING and Quantexa are now working on a global rollout with expanded efforts in Financial Markets and Correspondent Banking.
Quantexa chief product officer Dan Higgins said, “The most effective method to prevent money laundering is by understanding the context underpinning and linking how criminals behave.
We are excited to build on our successful track-record of innovation with ING and support them in their mission to improve risk coverage throughout significant global practice areas and their continued effort to be a leader in identifying and combating criminal threats in the banking industry.”
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