- AML surveillance know-how specialist Hawk AI cast a strategic partnership with digital onboarding and enterprise KYC options supplier Know Your Buyer.
- The partnership will give companies an built-in anti-fraud resolution that can assist them keep away from the issue of siloed compliance applied sciences.
- Munich, Germany-based Hawk AI made its Finovate debut in Might, demoing its know-how at FinovateSpring in San Francisco, California.
Hawk AI, an anti-money laundering surveillance know-how firm for banks and fintechs, introduced a strategic partnership with Know Your Buyer this week. The alliance will mix Know Your Buyer’s digital onboarding and enterprise KYC options with Hawk AI’s transaction monitoring know-how. The brand new providing will give companies an built-in anti-fraud resolution to reinforce their protection in opposition to monetary crime.
“There’s a wave of technological innovation happening in RegTech,” Hawk AI CTO and co-founder Wolfgang Berner mentioned, “from cloud native infrastructure enabling scalability, real-time native processing in a performant, protected and safe approach, to completely defined AI and machine studying that increase conventional AML approaches and guarantee environment friendly and efficient crimefighting.”
Berner additionally underscored the problem of fraud prevention options that aren’t nicely built-in. “Chopping-edge know-how isn’t sufficient if data stays siloed,” he mentioned. Berner famous that Know Your Buyer shared Hawk AI’s “imaginative and prescient of modular options that foster a extra holistic method to preventing monetary crime.”
Processing billions of transactions in additional than 60 international locations yearly, Hawk AI’s know-how leverages explainable AI and cloud know-how to detect monetary crime whereas maintaining false positives low. The corporate reported that decreasing false positives might help AML compliance officers save as much as 70% of their workday, enabling them to concentrate on extra advanced compliance challenges.
Hawk AI made its Finovate debut earlier this 12 months at FinovateSpring 2022 in San Francisco. Headquartered in Germany, and based in 2018, the corporate demoed its AML Surveillance Suite. The know-how blends AI with conventional, rule-based methods to observe monetary transactions in real-time and assist monetary establishments and fintechs higher detect suspected circumstances of fraud, monetary crime, and cash laundering. This technique helps establish minor, simply missed anomalies that may be ignored by conventional rule-based approaches alone.
Hawk AI consists of monetary providers consultancy Capco, and KYC and buyer onboarding specialist Ondato – in addition to fellow Finovate alums like Visa, Mambu, and Diebold Nixdorf – amongst its companions. A member of the RegTech 100, Hawk AI has raised $10 million in funding from buyers together with BlackFin Capital Companions and Picus Capital. Co-founder Tobias Schweiger is CEO.
Picture by Frans van Heerden
