Fortytwo Data Upgrades Entity Screening Platform

Fortytwo Data, the London-based anti-money laundering (AML) and client screening platform provider, introduced an enhanced version of its Sanction Screening Augmentation platform this week. The upgrade means that the company’s entity screening technology is now capable of reducing false positives by up to 93%.

In a press release, the company noted that false positives are a major pain point for companies, making AML and sanctions screening more expensive. Fortytwo Data leverages machine learning and automatic rule generation to improve the rate of false positive detection by more than 30%. Working with a FTSE 100 company, Fortytwo Data was able to reduce the number of AML false positives the company was having to manually check with its legacy system from 5% of all entities to less than 0.5%. Similar results were found when Fortytwo Data applied its technology to the firm’s sanction screening process.

Fortytwo Data Chief AI Officer Luca Primerano demonstrating its Customer Screening and Transaction Monitoring Enhancement technology at FinovateEurope 2018.

Fortytwo Data CEO Julian Dixon acknowledged the challenges executives face in trying to clear the regulatory bar when it comes to monitoring and due diligence. “However, the technology has already caught up enough to make our platform, the only truly AI off-the-shelf solution in the world, the most cost-efficient solution,” Dixon said.

“It is a myth that large companies need to spend millions of pounds updating their systems and there are millions of pounds to be saved,” Dixon added. ” Legacy systems don’t even need to be replaced – they just bolt together.”

Dixon noted that the company’s technology was making an impact “not just inside financial firms, but (with) cutting edge bluechips in a variety of sectors” as well.

Fortytwo Data demonstrated its end-to-end AML transaction monitoring and client screening platform at FinovateEurope 2018 earlier this year. The company’s solutions are used by banks, financial service providers, and businesses in other highly regulated sectors to lower operational and reputational risk to their enterprises as well as cut costs.

With £2 million in funding, Fortytwo Data includes BIG IDEAS GROUP among its investors. This spring, the company appointed Luca Primerano as Chief AI Officer.

Finovate Alumni News

On Finovate.com

  • Fortytwo Data Upgrades Entity Screening Platform.

Around the web

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

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Around the web

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  • The Paypers interviews Maxim Yevdokimov, Head of Mobile and Digital Strategy at Tinkoff Bank Maxim.
  • Fortytwo Data appoints machine learning expert Luca Primerano as Chief AI Officer.
  • Radius partners with Leadspace to deliver a go-to-market platform with data, artificial intelligence and integrations at its core.
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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

On Finovate.com

  • Ephesoft Unveils Mortgage Document Capture Solution.
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Around the web

  • ThreatMetrix introduces its first product integration with LexisNexis since the company was acquired in February.
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  • Ambassador Michael Froman joins Mastercard as vice chairman and president of strategic growth.
  • Moneyhub opens its API to U.K. challenger banks Monzo and Starling.
  • Coinbase acquires Cipher Browser to support its decentralized mobile browser offering.
  • Fortytwo Data appoints Luca Primerano as chief AI officer.
  • Coindesk: Mastercard Eyes Blockchain for Fighting Fake Identities.
  • Infosys to acquire Creative and Consumer Insight Agency, WONGDOODY.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

FinovateEurope Sneak Peek: Fortytwo Data

A look at the companies demoing live at FinovateEurope on the 6 through 9 of March 2018 in London. Pick up your tickets today and save your spot.

Fortytwo Data uses the very latest technology in its AI-powered anti-money-laundering (AML) platform for use with client behaviour monitoring, transaction monitoring, and sanction screening.

Features

  • Combines traditional rule-based scenarios with the latest machine learning techniques
  • Offers dynamic scenario building empowering the AML analyst
  • Provides a 90% reduction in false positives in sanction screening

Why it’s great
Fortytwo Data’s Advanced AML Platform provides a full, end-to-end solution to manage transaction monitoring and screening using the most advanced machine learning techniques.

Presenters

Luca Primerano, Head of Strategy
Primerano has 10 years’ strategic and operational leadership experience gained at Deloitte, Deutsche, and Goldman Sachs. His expertise lies at the intersection between process and technology.
LinkedIn

Julian Dixon, CEO
Dixon has more than 20 years of financial services experience gained at major investment banks including Deutsche Bank, JP Morgan, and Commerzbank. His roles have included front-office sales leader.
LinkedIn