Organizations can now analyze customer and counterparty
behavior pre-alert to get a comprehensive risk assessment.
SAN
JOSE, Calif., June 26,
2024 /PRNewswire/ -- Quantifind, the proven AI leader
in Risk Intelligence, proudly announces its new Payments Risk
Intelligence solution, set to transform the landscape of payments
risk management with unmatched accuracy and scalability. This new
solution offers purpose-built artificial intelligence (AI) to
provide a comprehensive and holistic risk analysis approach that
spans pre-, during, and post-alert generation from the first
customer assessment through payment transactions.
Limitations of Traditional Payment Risk Management
Detecting risk amidst the rapid flow of payments poses a
formidable challenge. Criminal activity seamlessly blends into
payment chains, necessitating sophisticated methods to identify
potential threats. Examining traditional payment risk management
reveals two extreme approaches. On one end, sanctions enforcement
focuses on screening transactions for compliance with international
sanctions. However, traditional transaction screening methods are
often ineffective due to their high rate of false positives. The
static nature of these screening rules allows sophisticated
criminals to adjust their tactics and evade detection. At the same
time, reliance on predefined lists limits the system's ability to
adapt to new and emerging threats.
On the other end of the spectrum is transaction monitoring.
These applications face significant limitations that undermine
their effectiveness in detecting and preventing financial crimes.
Typically implemented as on-premises solutions, they rely on static
rules and simplistic AML scenarios, resulting in a high volume of
false positives. Traditional monitoring is reactive and periodic,
failing to keep pace with evolving money laundering techniques and
allowing criminals to exploit gaps between monitoring periods. This
inability to adapt to dynamic financial crime patterns makes
traditional transaction monitoring increasingly inadequate.
A New Approach is Necessary
Quantifind Payments Risk Intelligence analyzes customer and
counterparty behavior at pre-alert generation and post-alert
phases, which is done with unprecedented scalability, speed, and
accuracy. This changes the philosophy from reactive anomaly
alerting to a proactive understanding of the risk of
counterparties, automated network analysis, and a SaaS solution
commitment to workflow optimization and installing automated steps
efficiently and thoughtfully.
"In today's fast-moving payment landscape, traditional
surveillance methods are insufficient to protect against financial
crime," said Scott Nathan, Managing
Director at Citi. "Scalable AI solutions are needed to navigate the
massive reach of modern commerce and identify potential risks.
Partnering with Quantifind offers cutting-edge AI technology to
enhance payments surveillance capabilities with reduced false
positive rates, even when the counterparties are not well
known."
"Quantifind's advanced AI capabilities play a crucial role,
providing the ability to accurately discover risk signals from
complex payments transaction data at an unprecedented speed and
scale," said Ari Tuchman, Quantifind
CEO. "Finding risk across fast-moving payment touchpoints is the
perfect use-case for Quantifind's AI solution built on the
simultaneous principles of accuracy and speed."
Quantifind's track record in the financial sector underscores
its ability to address the complexities of payment risk management.
With a focus on innovation and precision, Quantifind is poised to
set new standards in financial vigilance, ensuring the integrity of
the global payment systems.
About Quantifind
Quantifind is the proven leader in AI-driven risk intelligence,
specializing in detecting and mitigating financial crimes at scale.
Serving top organizations across both public and private sectors,
Quantifind delivers unmatched accuracy, speed, and scalability. Our
advanced AI technologies provide unparalleled effectiveness in
identifying potential risks that reduce false positives by over
95%, cut triage time by 50%, and deliver real-time analysis of the
latest data. This enables customers to collaborate with trusted
entities and uncover risks efficiently to grow the business with
minimal interruption.
Media Contact
Annalisa Camarillo
Executive Vice President, Marketing
acamarillo@quantifind.com
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SOURCE Quantifind