Quill for AML automates regulatory and compliance reporting and documentation typically done by hand. The solution allows businesses to produce SAR (Suspicious Activity Report) narratives and other reports that are consistent and traceable. And the automation speeds up the process, making filing deadlines easier to meet.
From left: Tim Bixler, Credit Suisse managing director, global head of HOLT, and Kris Hammond, CTO of Narrative Science, demonstrated Quill Financial at FinovateFall 2013.
Stuart Frankel, CEO of Narrative Science, said Quill for AML helps compliance teams avoid wasting time on false positives and “superfluous and unproductive alerts.”
“Organizations that wish to remain competitive and compliant should look to Quill for AML to augment reporting processes so analysts’ time is freed up to add value in other ways,” Frankel said.
Julie Conroy, research director for Aite Group’s retail banking practice, seconded this point and praised Quill for AML’s ability to produce “consistent and accurate” SAR narratives at scale. “Even if they have budget to hire, it’s increasingly difficult to find good AML analysts able to work mounting alerts,” she said.
Quill for AML is the latest deployment of the company’s Quill technology. The company launched its enhanced Quill Engage for Google Analytics solution in September, and unveiled its Quill Portfolio Review technology in June. Founded in 2010 and headquartered in Chicago, Narrative Science demonstrated Quill Financial at FinovateFall 2013 in New York.