- Financial crime compliance platform Lucinity announced a strategic partnership with AI data management company Knights Analytics.
- The partnership will bring advanced AI-powered data management capabilities to bear to fight financial crime.
- Lucinity made its Finovate debut at FinovateSpring 2023 in San Francisco.
Lucinity has forged a strategic partnership with Knights Analytics, bringing advanced AI data management capabilities to its financial crime compliance platform.
The integration will enable Lucinity customers to consolidate, standardize, and reconcile their data within Lucinity’s unified Case Management system. The strategic partnership will also introduce additional ways to deploy Generative AI capabilities, including entity resolution, network analysis, and automated data extraction from documents. Users can also engage with their data via Lucinity’s AI copilot Luci, which offers actionable insights that are both intuitive and fully explainable.
“We are thrilled to simplify the ability to integrate more data within Lucinity’s platform,” Knights Analytics CEO Alex Ridden said. “Combining our data matching and entity resolution solutions with Lucinity ensures financial institutions make the most of their data. Financial institutions these days are sitting on a wealth of information that they don’t utilize effectively.”
Knights Analytics helps companies extract insights from large and siloed datasets. The firm specializes in combining graph analytics and AI, transforming structured and unstructured data into a high-quality, unified data layer. Leveraging innovations in data linkage and entity resolution technologies, Knights Analytics enables businesses to build a solid data foundation from which they can accelerate business processes and derive actionable insights.
“Partnering with Knights Analytics will take the Luci AI copilot to the next level by enhancing data accuracy, reducing manual analysis, and increasing the reliability of financial crime investigations through advanced data linkage and profile analysis,” Lucinity CEO Guðmundur Kristjánsson said. “This integration will unlock new use cases like on-demand entity resolution, enabling AI-driven automations and insights to streamline case investigations.”
Lucinity made its Finovate debut last year at FinovateSpring 2023. At the conference, the Reykjavik, Iceland-based company demonstrated its AI-powered copilot, Luci. Luci can conduct internet searches, background checks, fraud detection, sanctions screening, and more. This ability to manage and streamline tedious and time-consuming tasks enables compliance professionals to focus their decision-making on more complex issues.
Lucinity was founded in 2018. The company has raised more than $25 million in funding, according to Crunchbase. Keen Venture Partners and Experian are among the firm’s investors. Last month, Lucinity won the 2024 ICA Award for Innovation in Financial Crime Prevention for its Luci copilot. The company has also received accolades in recent months from Chartis Research and Microsoft, which named Lucinity one of its partners of the year for both its technological innovation and its commitment to “significant social impact and growth.”
Read our profile of Lucinity from earlier this year.