Discai, Harmoney partner to mitigate financial crime

Thursday 20 June 2024 11:39 CET | News

Belgium-based Discai and Harmoney have entered a collaboration to provide an integrated Anti-Money Laundering (AML) solution for financial institutions.

By merging Discai’s AI-based alert system with Harmoney’s end-to-end case and process management platform, the two companies specialising in mitigating financial crime intend to provide a customisable, full-spectrum solution for generating and managing AML alerts. The decision to partner can be attributed to the rise in money laundering globally, as well as to the low detection and recovery rates. In addition, the methods leveraged by money launderers have become significantly more advanced, with financial institutions requiring modern solutions that can keep up with the evolving and changing demands.

Discai and Harmoney have entered a collaboration to provide an integrated Anti-Money Laundering (AML) solution for financial institutions.

What are Discai and Harmoney’s plans?

As part of their alliance, Discai and Harmoney aim to allow financial institutions to integrate solutions into their existing systems and processes. For example, Discai’s Know Your Transaction Anti-Money Laundering (KYT AML) solution leverages AI models and an integrated rule-and-simulation engine to identify potential money launderers via alert creation. The collaboration enables Harmoney to bring its end-to-end case and process management platform to ensure efficiency in the investigation process, utilising AI and robotic automation to increase time efficiency and prevent errors.
Moreover, the two companies’ joint offering is set to offer several benefits to financial institutions, including minimisation of false-positive alerts, suspicious activity detection, simplified investigation process, and efficient alerts. In addition, being developed on the principles of open architecture and flexibility, Discai and Harmoney’s solutions can be accessed both independently and in combination, with financial institutions being able to adopt the full spectrum service or create a customised product from available sources.

Representatives from Discai underlined that the alliance with Harmoney highlights their company’s commitment to providing solutions that support efficient and effective financial crime management. By merging their capabilities, the two companies intend to offer an end-to-end approach to mitigating money laundering.

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Keywords: partnership, fraud management, fraud detection, AML, money laundering, financial institutions
Categories: Fraud & Financial Crime
Companies: Discai, Harmoney
Countries: Belgium
This article is part of category

Fraud & Financial Crime




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