• Fraud and risk platform DataVisor launched its anti-money laundering (AML) solution this week.
• The new offering combines fraud fighting and anti-money laundering operations in a unified, approach that helps institutions better deal with emerging threats and evolving regulations.
• DataVisor made its Finovate debut at FinovateFall last September.

AI-powered fraud and risk platform DataVisor launched its end-to-end anti-money laundering (AML) solution this week. The technology leverages sophisticated machine learning and AI to cover the entire AML process without disrupting the customer’s existing workflows.

Natively integrating with DataVisor’s fraud platform, the new offering enables a unified fraud and anti-money laundering (FRAML) strategy. This enhances defense against new financial crime threats and helps institutions align themselves with the trend toward combining fraud fighting and AML operations. DataVisor’s AML technology is customizable, supports a wide range of AML risk profiles and programs, and improves efficiency by reducing the number of false positives.

More specifically, DataVisor’s new AML solution provides:

• Comprehensive end-to-end functionality: including customer risk rating, CDD, EDD, sanction/watchlist screening, transaction monitoring, case management, and automated SAR filing.
• Enhanced detection and reduced false positives: leveraging robust data orchestration to provide a holistic view of customer profiles for more effective risk assessment.
• Increased operational efficiency and reduced costs: courtesy of Generative AI-powered automation which triages alerts and automates manual processes.
• Centralized insights and monitoring: using enhanced task prioritization to deliver insights into AML alerts, case statuses, and the progress of review teams.
• Fast and flexible integration: via a cloud-based solution that integrates with existing fraud workflows for fast implementation.

“The substantial interest we’ve seen from financial institutions highlights the imperative need to address the challenges posed by outdated, legacy AML technology,” DataVisor co-founder and Chief Product Officer Fang Yu said. “FIs partnering with DataVisor are already witnessing the benefits of our industry-leading FRAML solution. Our focus on continued innovation ensures that we not only meet the current compliance demand but also remain agile to anticipate and counteract future financial crimes.”

Headquartered in Mountain View, California, DataVisor made its Finovate debut last September at FinovateFall. At the conference, the company showed how its platform provides a comprehensive, AI-powered fraud and risk platform for the entire fraud workflow in a single, self-serve solution. DataVisor demonstrated the platform’s ability to integrate any data source – including third party data sources – and apply its rules engine, device intelligence, decision engine, and case management to improve fraud detection.

Founded in 2013, DataVisor began this year with an announcement that the company’s platform had secured PCI compliance. A month later, the company unveiled a new solution to give sponsor banks better ability to monitor and manage Bank Secrecy Act (BSA) compliance and transaction fraud patterns. The solution also enables institutions to conduct a comprehensive customer risk assessment in partnership with fintechs.

According to Crunchbase, DataVisor has raised more than $94 million in funding. The company includes TruStage Ventures and NewView Capital among its investors. Co-founder Yinglian Xie is CEO.

Photo by Markus Spiske

• Fraud and risk platform DataVisor launched its new AI Co-Pilot solution to enhance real-time fraud defense.
• AI Co-Pilot includes AI-automated rule tuning, feature generation and automated debugging, and improved explainability among its features.
• DataVisor made its Finovate debut last month at FinovateFall in New York.

Less than a month after making its Finovate debut at FinovateFall, fraud and risk platform DataVisor has launched AI Co-Pilot. The new offering is a generative AI-facilitated fraud solution designed to catch fraud 20x faster than traditional methods.

AI Co-Pilot helps financial institutions detect fraud in real-time while at the same time reducing the number of false positives. This enables financial institutions to provide effective fraud defense without compromising the user experience with excessive friction.

DataVisor co-founder and CEO Yinglian Xie noted that innovation in the payment space required innovation in the fraud prevention space, as well. With bank transfer and payment fraud losses in the U.S. topping $1.58 billion last year, concerns over fraud risks can serve as an impediment to many financial institutions – especially smaller FIs and credit unions – when it comes to embracing instant payments and other new services that their customers and members want.

“Built on groundbreaking Generative AI technology, DataVisor’s AI Co-Pilot gives financial institutions better intelligence and automation for more effective fraud detection and prevention,” Xie said. “This innovative solution is more accurate, reacts to fraud trends much faster, and improves user experiences and customer support.”

Among the new capabilities delivered by DataVisor’s AI Co-Pilot are AI-automated rule tuning to accelerate the fraud response and improve accuracy, feature generation and automated debugging, and improved explainability to ensure transparency.

“(AI Co-Pilot) considerably reduces the need for analyst resources,” Xie added. “This advancement signifies a pivotal step toward enhanced security and efficiency across the industry.”

Founded in 2013 and headquartered in Mountain View, California, DataVisor demoed its fraud and risk platform at FinovateFall last month. At the event, DataVisor’s Ryan Nichols and Kevin McWey showed how the technology’s rules engine, device intelligence, decision engine, and case management combine to enhance fraud detection and minimize losses.

DataVisor has raised more than $94 million in funding. The company includes CMFG Ventures and NewView Capital among its investors. Last month, DataVisor introduced new Chief Revenue Officer Kevin McWey. In July, the company announced that it had partnered with cyber and fraud threat intelligence specialist Q6 Cyber.

Photo by Scott Webb