Using AI and advanced graph analytics capabilities provided by Quantexa’s platform, ING’s investigative teams are focused on developing more effective and efficient global Know Your Customer (KYC) and Anti-Money Laundering (AML) measures. By connecting customers and counterparties, the platform creates context and uncovers complex networks. This further automates the first line defence processes.
ING selected Quantexa’s platform for its ability to aid in the analysation of internal transaction data and to incorporate external data, to complete a 360-degree view of customer base risk. Early 2023 ING and Quantexa completed a successful first implementation for Trade Finance in Hong Kong and Singapore. The two are now working on a global rollout with expanded efforts in Financial Markets and Correspondent Banking.
Officials from Quantexa explained that the most effective method to prevent money laundering is by understanding the context underpinning and linking how criminals behave. They are happy to build on their successful track-record of innovation with ING and support them in their mission to improve risk coverage throughout significant global practice areas and their continued effort to be an important in identifying and combating criminal threats in the banking industry.
Adding to Quantexa’s statement, representatives from ING said they are committed to the fight against money laundering, economic crime, and continually innovating to ensure the safety and compliance of the bank. They are happy to have found a partner with compatible ambitions in Quantexa. By leveraging the contextual insights generated through their platform, they can strengthen they detection models and automate key processes in our KYC and AML measures. This is leading to efficiencies for their investigative teams and improved customer experiences.
In March 2023, ING has partnered with Canada-based Open Banking solutions provider Salt Edge to expand Open Banking use cases.
According to saltedge.com, ING chose to work with the Canada-based company due to its client-oriented approach and great coverage. The partnership between the two companies will allow ING to serve more clients in key markets by extending the range of services offered by ING. The synergy between the two entities is further enhanced by Salt Edge’s enterprise-level offering, which matches ING clients’ requirements for flexibility and customisation.
Salt Edge has wide bank connectivity as it works with more than 5,100 banks worldwide for account information, and it offers 2,000 bank API integrations for payment initiation across Europe. The partnership between ING and Salt Edge aims to support a new range of Open Banking use cases for SME segments from various industries, corporate, and individual end-users. Salt Edge officials commented on this collaboration and emphasised the growing interest in Open Banking from financial institutions as well as the company’s eagerness to meet the unique, custom requirements of their clients while providing great technical support and offering the largest bank API coverage.
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