Varo Bank selects Quantifind for AML and due diligence

Friday 23 July 2021 13:25 CET | News

Varo Bank has selected financial crime investigation firm Quantifind’s Graphyte platform to optimise its adverse media screening and investigations automation performance.

Quantifind is a provider of a software-as-a-service platform that is used to help banks automate financial risk screening and investigations. Varo Bank is a US-based digital bank and has to date raised USD 482 million in funding.

According to Quantifind, Varo will use the AI-powered risk assessments and investigation tools provided through the Graphyte platform to optimise the performance and productivity of their anti-money laundering (AML) and enhanced due diligence initiatives.

Quantifind added that Graphyte uses both AI and data science in order to detect and characterise signals of risk among watch lists and media sources. Banks will be able to incorporate timely adverse media information via API throughout their monitoring processes and automatically prioritise the customers and transactions that pose a threat and warrant the most immediate attention.

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Categories: Fraud & Financial Crime
Countries: United States
This article is part of category

Fraud & Financial Crime