Financial crimes risk management software company Quantifind and Oracle Financial Services have teamed up to improve anti-money laundering (AML) compliance and to add intelligence and automation properties directly into the compliance workflows, according to a release.
Quantifind’s software-as-a-service (SaaS) offerings, which include help with investigations, customer due diligence and alert management, will integrate with Oracle’s Financial Crime and Compliance Management platform.
Quantifind takes aim at the largest challenges of AML compliance in an increasingly online and cloud-based digital world. As tightened regulations force companies to spend more on compliance efforts, Quantifind uses a mix of intelligence, data and user-friendly interfaces to help those companies improve their bottom line with efficiency gains of up to 30 percent.
By leveraging new machine learning and artificial intelligence (AI) technology, Quantifind said it can handle processes in new ways that weren’t possible just a few years ago. By streamlining the process, Quantifind said analysts of financial crimes will need just one login to access to all the information they need to conduct a probe.
“As customers continue to tackle AML compliance issues, Oracle will continue to drive innovation in the AML market,” said John Edison, vice president of products for Oracle Financial Services. “We have identified Quantifind’s technology for external data review and intelligent risk assessments as truly best-in-class. This integrated capability enhances our Oracle Financial Services Financial Crime and Compliance offering and will aid in our vision of next-generation AML solutions.”
Quantifind CEO Ari Tuchman said the collaboration will yield fruitful results. “We are excited to announce our collaboration with Oracle today. Oracle’s market-leading software applications for enterprise case management and financial crimes investigations provide a natural home for our AI-driven risk models,” he said. “This relationship will help us bring our next-generation machine learning platform to the AML community and immediately deliver operational efficiencies through Oracle’s established workflows.”