The AI in Fintech solutions market in this report is defined as the summation of AI enabled Fintech solution and services. AI in Fintech refers to the theory and development of computer systems capable of performing finance related tasks which usually require human intelligence.
360Quadrants, the world’s only comparison platform that combines expert analysis with crowdsourced reviews, has released a quadrant on AI in Fintech Solutions to help businesses make quicker and more informed decisions.
Artificial Intelligence (AI) in Fintech refers to the theory and development of computer systems capable of performing finance-related tasks that usually require human intelligence. It is an application of AI technology used in the financial sector to design investment strategies, detect anomalies with pattern & voice recognition, and conduct market analysis with data mining.
The AI in Fintech solutions market for this quadrant is defined as the summation of AI-enabled Fintech solutions and services.
For this quadrant, the components of AI in Fintech are mainly segmented into solutions and software. Major application areas of AI in Fintech solutions are virtual assistants, business analytics & reporting, and customer behavioral analytics.
These solutions have been analyzed based on cloud and on-premise deployment.
ComplyAdvantage has been identified as an innovator in the AI in Fintech space given its extensive product features, high product quality, reliability, suitable channel strategy, and wide geographical footprint. 360Quadrants also lists competitors of ComplyAdvantage in the AI in Fintech space.
AI in Fintech offerings from ComplyAdvantage aim to deliver valuable insights and intelligence from data. The company has an established product portfolio with a robust market presence and business strategy.
Some of the major developments of the company include:
ComplyAdvantage and Jumio Partner to mitigate exposure to risks
Jumio Screening, an automated screening for money laundering was recently launched by Jumio. This solution integrates with ComplyAdvantage which provides real-time data on possible financial risk-associated people.
Customers, as a result of this partnership, will now have access to a database that provides structured risk profiles, enhanced sections, regulatory & enforcement watch lists, along with PEPs (politically exposed persons). It also means that new customers that get onboarded are also flagged in case they are listed on these databases.
This helps organizations maintain compliance and mitigate losses due to risky clients.
ComplyAdvantage and TruNarrative form partnership
TruNarrative and ComplyAdvantage have partnered to provide advantages in terms of AML risk exposure by access to global sanctions, watch lists, and adverse media. It will also provide solutions such as live monitoring and screening of transactions, verification of identities, and AML screening.
This will help prevent losses due to financial crimes.
UGR Consulting and ComplyAdvantage combine subject matter expert advisory in AML and Financial Crime
With the use of next-generation AI-driven risk data and AML screening & monitoring technology, the partnership of UGR Consulting with ComplyAdvantage will provide a more holistic picture of financial crime risk to compliance professionals to tackle money laundering and comply with regulations pertaining to sanctions, anti-money laundering (AML), and counter-terrorist financing (CTF).
ComplyAdvantage boosts compliance capabilities of Airwallex
Airwallex and ComplyAdvantage have partnered; this will help Airwallex by allowing it to conduct real-time screening and monitoring of transactions that could be flagged for money laundering, sanctions, or terrorism funding. This partnership was a result of funding from Tencent, Mastercard, and Sequoia.
The solution provided by ComplyAdvantage will use AI, ML, as well as big data to handle risk, compliance, and possibility of financial crimes occurring across borders.
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