Quantexa’s cloud-based technology helps OFX fight financial crime
- Security and Compliance , Cloud
- 24.06.2020 11:12 am
Quantexa, the leader in contextual decision intelligence (CDI) software and solutions, has partnered with OFX, to deploy a pioneering cloud-based service technology platform that strengthens OFX’s financial crime detection capabilities in international payments.
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.
By creating a 360-degree contextual view of the customer, the platform enables the generation of more meaningful alerts and the ability to spot hidden risks more effectively, with fewer false positive alerts.
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.”
Mark Shaw, COO at OFX, said: “We continuously look for innovative ways to build on our existing prevention systems to keep ahead of financial crime. The bottom line is that this matters because it protects our customers and our communities. Illicit flows can underpin horrendous crimes and all of us in the industry has to play our part in making sure we do everything in our power to ensure we prevent it. Quantexa’s open technology integrates into our IT ecosystem and augments our team’s investigative capability. It has given us the ability to identify wider networks of suspicious transfers, enabling us to react quickly and protect our customers.”