With increasing regulatory focus on the integrity of international payments, OFX is leading the way with enhanced anti-financial crime detection and investigation capabilities, working with Quantexa. The jointly configured cloud-based solution deployed using Google Cloud Platform infrastructure, uses dynamic entity resolution and network analytics as-a-service to build a complete contextual view across multiple data sources to detect financial crime more accurately. The enhanced capabilities of the solution have empowered OFX to enhance the process for monitoring its customers transactional activity and improving the detection of financial crime.
The partnership brings together two leading innovators in the FinTech and RegTech sectors to enable more automated, real-time decisioning and to more effectively detect criminal activity across borders.
By enriching internal data with transactional data and external sources, Quantexa’s CDI technology builds a complete network view of customers to reveal hidden connections and suspicious activity. A contextual approach to risk detection empowers OFX to effectively identify complex risk and financial crime, such as money laundering, and enables it to make better operational decisions in a shorter time frame.
Vishal Marria, CEO at Quantexa, said: “We are delighted to be working with such a progressive organisation like OFX, who are leveraging our contextual decisioning technology to tackle an important global challenge, to help ensure international fund transfers are not exploited by increasingly sophisticated criminal networks, looking to move illicit funds across borders. Jointly we have created a solution that is ensuring the integrity of international payments.”