Standard Chartered teams up with Quantexa to tackle financial crime via contextual decision intelligence

Maria Nikolova

Quantexa’s decision intelligence platform leverages AI to provide Standard Chartered with a connected 360-degree customer view, allowing the bank’s investigators to make faster, more accurate decisions.

Standard Chartered has announced a partnership with contextual decision intelligence software company Quantexa to intensify its anti-financial crime efforts.

Quantexa will support Standard Chartered’s Financial Crime team through use of dynamic entity resolution, network analytics and contextual data to tackle major real-world challenges, including money laundering, fraud and terrorist financing. Quantexa’s decision intelligence platform leverages AI to provide Standard Chartered with a connected 360-degree customer view, enabling the bank’s investigators to make faster, more accurate decisions.

Developed in partnership, the platform empowers Standard Chartered to conduct complex financial thematic investigations more efficiently and effectively. The enhanced capabilities provided by Quantexa allow the bank to see a holistic view of investigations, providing a deeper understanding of the trends and risks across billions of data points from more than 40 countries.

By automating labour intensive, manual intelligence gathering, the bank’s investigators now have more time to focus on finding true risk, as well as have improved consistency in their investigations. The platform will become a key support tool for Standard Chartered and presents rich detail about customers and transactions in one place, visualizing the relevant relationships and behaviours to provide context for faster decisions. It also allows Standard Chartered to leverage its existing investments in monitoring and case management for more efficient and effective financial crime compliance.

Standard Chartered is known for its flair for novel tech solutions, including ones based on AI. In May 2019, for instance, the bank announced the official launch of the Trade AI Engine, a joint solution developed in partnership with IBM which aims to enhance the client experience in trade document processing through increased operational efficiency and strengthened operational control. The Trade AI Engine enables conversion of non-digital shipping documents into machine-readable format enabled by Optical Character Recognition (OCR). In addition, it identifies and classifies document types from an initial pre-defined database.

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