REDWOOD SHORES, California: Symphony AyasdiAI announced today it is partnering with Davies, a global financial services consulting firm, to provide customers with better and earlier financial crime detection with reduced operational overhead. This alliance brings together world-leading innovation and deep-trust subject matter expertise from both companies.
As financial institutions grapple with the inferior detection capabilities of their transaction monitoring systems (TMS), the sophisticated activities of today’s money launderers are a constant source of concern. These aged systems, some 20-30 years old, are inept and lack the agility to quickly identify modern, dynamic and complex activities. In addition, efficiency and return on investment are declining as the false positives undermine the cost and efficacy of the entire process.
AyasdiAI’s solution leverages the most advanced AI and ML technologies to discover the risks lurking in financial institutions in a way that’s never been done before. With SensaAML™ users are empowered with a robust solution that delivers effective, efficient and complete risk control. The application of Topological Data Analysis (TDA) and machine learning provides these institutions with a previously unseen visibility to accurately identify behaviours that indicate criminal activity. This collaboration with Davies will give banks the tools to eliminate the inundation of financial crimes and provide much-needed expertise to help them achieve regulatory compliance.
Joseph Cataldo, Managing Partner, Davies, said:
“Our clients need reliable answers to the difficult crime detection challenges faced by the financial services industry. As experts in this field, Davies constantly reviews the leading solutions in the global regtech ecosystem. We have been impressed by AyasdiAI as a stand-out solution and are excited about the beneficial impact this partnership will have for our clients.”
Simon Moss, CEO, Symphony AyasdiAI, said:
“The problem with today’s approach to fighting financial crime is that it relies on historical scenarios to look for known behaviours, which unfortunately ignores the sophistication of current actors. By using our innovative approach, SensaAML™ will provide financial customers with a truly, holistic visibility into the activity and behaviours of their users. This agile solution leverages existing TMS data and has been proven to increase risk coverage by more than 20% and deliver significant operational efficiencies. We’re excited to partner with Davies to make this technology available to even more early adopters within financial services.”
Notes to Editors
- About Symphony AyasdiAI
Symphony AyasdiAI, a Symphony AI portfolio company, empowers banks and financial institutions with a complete picture of customer, third party and user behaviour to discover crime, risk and competitive opportunity through unparalleled, predictive insight. Using a uniquely powerful combination of artificial intelligence and machine learning, AyasdiAI customers dramatically reduce the time to achieve genuine transparency, with full explainability. Ayasdi Sensa™ leverages unique combinations of topological data analysis, time series and leading analytical innovations to give organizations absolute fidelity for competitive discovery, risk detection and efficiency optimization. Learn more at www.ayasdi.com, LinkedIn, or Twitter.
2. About SymphonyAI
SymphonyAI is building the leading enterprise AI company for the digital transformation of the business enterprise, across the most important and resilient growth verticals, including life sciences, healthcare, retail, consumer packaged goods, financial services, manufacturing, and media. In each of these verticals, SAI businesses have many of the leading enterprises as clients. SAI is backed by a $1 billion commitment from Dr. Romesh Wadhwani, a successful entrepreneur and philanthropist. Since its founding in 2017, SymphonyAI has grown rapidly to a combined revenue run rate of more than $300 million and over 2,200 talented leaders, data scientists, and other professionals.
- PR Contact for Ayasdi: Shannon Van Every, Nadel Phelan, Inc. +00 (1) 408-313-9974
- PR Contact for Davies: Sue Primmer, Chief Marketing Officer +44 (0) 207 842 4800