BlackSwan Technologies to use Refinitiv financial-crime data to enhance Financial Crime Compliance

BlackSwan Technologies, the leading cloud enterprise software provider has announced that it has formed a strategic agreement with one of the world’s largest providers of financial crime data, Refinitiv, an LSEG-related business. The agreement allows for next-generation customer risks assessment using an advanced compliance solution including comprehensive financial crime information and cutting-edge AI technologies for KYC and Transaction Monitoring and Screening.

BlackSwan Technologies’ award-winning ELEMENT of Compliance™ application leverages the Data Fabric principles to enable firms to connect to a multitude of data sources in an intelligent, end-to-end solution that includes AI and cognitive computing capabilities, vendor-independent infrastructure, alert management, military-grade security and an intuitive user-interface. The application includes KYC and Transaction Monitoring and Screening as well as Adverse Media Monitoring, Transaction Intelligence and Perpetual KYC.

“Financial institutions are undergoing a paradigm shift from manual screening to automated screening that utilizes artificial intelligence and machine learning capabilities,” said Harinder Singh Sudan, Senior Vice President of BlackSwan Technologies’ Financial Intelligence Unit.  “Our partnership with Refinitiv helps support this transition, as firms can rely on incredibly rich financial crime data delivered through an application with all of the advanced operational and analytic technologies available and a reduction of the traditional licensing and resource costs attached,”He said.

“Financial institutions are constantly seeking to step up their fight against financial crime, without increasing costs or reducing efficiency,” said Emma Miller, Global Head of Strategic Partnerships, Refinitiv’s Customer & Third-Party Risk business.  “To do so, they need best-in-class data and technology working together. By enabling clients to use World-Check Risk Intelligence with Blackswan’s AI and cognitive computing capabilities, clients can ensure they are using the latest tools to unlock rich insights and reduce risk.”

BlackSwan’s consolidation of data sources reduces the manual dependency on analysts, and extends the coverage, accuracy and reliability of the data, ensuring companies can better assess the risk profiles of entities. In addition, BlackSwan’s approach concludes the requirement for both a cost-prohibitive multi-vendor approach and a user-licence based setup, ultimately saving financial firms millions of pounds.

Refinitiv’s World-Check facilitates the Customer and Third-Party Risk due diligence and monitoring process by providing the broadest and most accurate risk intelligence from open-source media and public records to help validate customer or supplier information and identify potential risks exposure required by regulations such as AML and ABAC. Companies can combine the utilization of Refinitiv’s financial crime data and BlackSwan’s AI capabilities within ELEMENT of Compliance, benefitting from better assessment of risk profiles of prospective customers and enhancement of their existing KYC, screening and monitoring controls.

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