Fintech, Finance, Technology, Banking Highlights – 5 December 2018
Pelican launches sanctions ‘self-learning’ AI tool
Pelican, a global provider of AI-powered payments and financial crime compliance systems for banks and corporates, has launched a breakthrough sanctions self-learning module capable of delivering significant reductions in false positive rates (FPRs).
Pelican Sanctions Self-Learning can be deployed as part of the Pelican watchlist filter, or can operate with any existing third-party sanctions screening application.
Pelican Sanctions Self-Learning is part of the comprehensive ‘PelicanSecure’ suite of compliance solutions, and leverages the company’s extensive AI expertise, incorporating Machine Learning and Natural Language Processing technology, to screen accurately against any standard or proprietary watchlist. The extensive tuned knowledge base can immediately deliver significant FPR reductions. Combining the AI disciplines together with deep compliance domain knowledge, Pelican technology can capture, analyse and learn from operator actions to automate the creation of new models – delivering further improved FPR reductions over time of up to 72%.
Arachnys ships cloud-native KYC platform
Arachnys, the leader in Customer Risk Intelligence (CRI) solutions for Client Onboarding, Know Your Customer (KYC), Customer Due Diligence & Enhanced Due Diligence (CDD/EDD) and Anti Money Laundering (AML), today announced the launch of their CRI cloud-native platform.
Customer Risk Intelligence is an entirely new approach to Client Onboarding, KYC, CDD, EDD and AML investigative activities. It enhances the speed, accuracy and re-use of information for KYC and onboarding; uplifts the customer experience; accelerates revenue acquisition, streamlines compliance efforts and transforms investigative “know-how” into an institutional asset.
The capabilities inherent in the Arachnys Customer Risk Intelligence platform address rapidly changing market dynamics which are compelling financial institutions, around the world, to focus on five “must-do” initiatives: real-time money laundering interdiction, competitive differentiation with accelerated client onboarding, syndication of investigative knowledge, re-use of compliance data exhaust and analyst empowerment.
With Customer Risk Intelligence, financial institutions can trim weeks from onboarding times to drive topline revenue, avoid the sunk expense of AML remediation cost and dramatically increase investigative throughput by reducing false-positives and QA error rates.
CommonBond acquires NextGenVest
CommonBond, a leading fintech company that lowers the cost of education through data and technology, today announced the acquisition of NextGenVest, a pioneer in helping Generation Z make the best financial decisions from high school, through college, and beyond.
CommonBond’s best-in-class digital lending technology and student loan benefits for millennials, combined with NextGenVest’s AI-powered financial platform for Generation Z, bring together a powerful blend of products, technology, and value for an ever-growing group of consumers as they start their financial lives.
“Paying for college can be complex and stressful, and that stress follows most people well past graduation – but it doesn’t have to,” said David Klein, CEO and co-founder of CommonBond. “NextGenVest allows us to continue delivering the transparency, affordability, and simplicity we’re known for, to the next generation of financial consumers, on the back of differentiated AI technology. With this acquisition, CommonBond bolsters its position as the only company in the country to offer a true end-to-end relationship with young financial consumers, from high school and college to graduation and employment.”
NextGenVest helps Generation Z navigate the college experience with personalized and timely advice, primarily through text messages and heavy use of AI technology. Founded in 2013, the company uses a combination of real-life “Money Mentors” and AI-powered guidance to help prepare Gen Z for college and beyond. Approximately 15 percent of college-bound seniors in New York City, Chicago, and Philadelphia use NextGenVest.
