Connect with us
European Gaming Congress 2024

Artificial Intelligence

Quantifind Demonstrates How ‘Name Science’ Increases Efficiencies in Preventing Financial Crime

Published

on

PALO ALTO, Calif., July 26, 2022 (GLOBE NEWSWIRE) — With the red flags for detecting financial crime scattered across vast, disparate stores of data, the emerging field of “name science” is crucial for preventing global money laundering and fraud. Quantifind’s Graphyte platform aids Tier 1 financial institutions with its leading name science algorithms and a patented distributed query and storage engine that automates investigations, reducing false negatives and positives and increasing efficiency by more than 40%. 

Banks’ efforts to prevent financial crimes rely on transaction analysis, which has been facilitated by advances in machine learning. However, banks’ investigations also depend on the context provided by external data from sources like regulatory proceedings, company data and enforcement actions, as well as non-standard and unstructured items like online news and the famous Panama Papers.

Interpreting that data is a painstaking and laborious process, and even with large investigative teams, the work can cause alert backlogs, delayed onboardings and surveillance gaps. Financial institutions’ anti-money laundering (AML) and know-your-customer (KYC) costs are growing 20% annually, leading them to explore artificial intelligence solutions for analyzing contextual data.    

That makes “name science” foundational to AML and fraud investigations. Banks need to be able to quickly and accurately conduct “contextual monitoring” – ensuring that when they find data linked to a person’s name, that name is the person in question. They also must be sure that the data is relevant to the context of the investigation, in order to assess risk. 

Being able to automate the process with precision reduces false positives and negatives, saving teams time and money and allowing them to spend time on the most high-risk cases. Automation and better alignment of staff increases efficiency by 40%, Quantifind found. 

“Applying name science through machine learning can enhance financial institutions’ ability to detect and prevent financial crimes, and help them reduce costs at the same time,” said Quantifind CEO Ari Tuchman. “There are opportunities to improve and streamline the entire  KYC/AML workflow, from screening, onboarding, due diligence, and surveillance, to alerts triage and investigations.”

Advertisement

A closer look at names and name science demonstrates the need for powerful search algorithms. Only 20% of the 7.85 billion people on earth possess a unique name; 40% share a name with at least 100 other people. In the United States, some 3,000 people share the name “Michael Hamilton” and worldwide, 730,000 have the name “Maria Garcia.” In India, 280,000 go by “Vijay Singh,” while in China, 2.8 million people go by the name “Wang Yan.”

And where modern languages follow relatively consistent rules of spelling and grammar, names follow fragmented sets of rules that differ geographically and change over time. With naming structures, conventions and standards driven by culture and society, it is extremely difficult to analyze and interpret names manually.

Quantifind’s Graphyte platform understands names as data and is built to leverage these factors to derive better insights and information, Tuchman said. For example, Graphyte understands linguistic groups and applies that data-driven ability to processes like global name parsing, breaking a name into its components. It employs phonetic algorithms to assess variations in how a name is spelled. It also utilizes associated metadata like birth year, location or employer in the name-entity linking process.

Quantifind couples its best-in-class name science with algorithms that perform relationship analysis, looking for links between known bad actors, and that assess the assigned risk, essential aspects for AML and KYC investigations.

Graphyte’s “Real Time Cluster” (RTC) is a purpose-built distributed query and storage engine that implements name science for speed and scale, giving it the ability to rapidly search billions of documents in real time. The RTC is the core of Quantifind’s patented in-memory data management techniques, optimized for efficient storage, search, and retrieval across disparate unstructured data sources – the result of years of research and testing.  

Advertisement

“We’ve developed these technologies through more than a decade of R&D and partnership with U.S. government agencies and Fortune 500 companies, making Graphyte purpose-built for AML investigation teams,” Tuchman said.

For more information regarding Quantifind’s AI-powered platform, please visit https://www.quantifind.com/

About Quantifind

Quantifind is a data science technology company whose AI platform uncovers signals of risk across disparate and unstructured text sources. In financial crimes risk management, Quantifind’s solution uniquely combines internal financial institution data with public domain data to assess risk in the context of Know Your Customer (KYC), Customer Due Diligence (CDD), Fraud Risk Management, and Anti-Money Laundering (AML) processes. Today these compliance processes are burdened by ever-increasing regulatory responsibilities and an expectation of frictionless transactions. Legacy technologies demand increasingly more human resources as the operations expand; Quantifind’s solution offers a way to cut through the inefficiency and enhance effectiveness simultaneously.

Contact Information

Advertisement

Mike Albanese
[email protected]

Related Images

Image 1: Quantifind

Quantifind

Image 2: Quantifind

Advertisement

Quantifind

Image 3: Quantifind

Quantifind

This content was issued through the press release distribution service at Newswire.com.

Attachment

Advertisement

GlobeNewswire is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.

Artificial Intelligence

IFS strengthens Executive Board with CIO and CHRO appointments

Published

on

ifs-strengthens-executive-board-with-cio-and-chro-appointments

Helena Nimmo appointed CIO and Debra McCowan appointed CHRO to fuel IFS’s next phase of growth in pioneering and dominating Industrial AI
LONDON, Oct. 7, 2024 /PRNewswire/ — IFS, the leading provider of enterprise cloud and Industrial AI software, has made two senior appointments to its Executive Board. Helena Nimmo joins as global Chief Information Officer (CIO) and Debra McCowan as Chief Human Resources Officer (CHRO).

Nimmo joins from Endava, a US-listed global technology company with over 12,000 employees. As CIO at IFS, Nimmo will engage CIOs and tech leaders at IFS customers to help them with their strategic transformation journeys, as well as driving the effective application of technology within IFS to deliver better products and services to customers. With IFS leading the adoption of Industrial AI across the world, Nimmo will drive the integration of AI across the IFS community, enabling IFS customers to deliver exceptional moments of service to their clients.
McCowan was CHRO at NetApp, Inc., a Fortune 500 global data infrastructure, AI and cloud services company. In this board level role, McCowan was a strategic partner and advisor to the CEO and executive leadership team. As IFS rapidly grows beyond 7,000 employees in over 90 countries, McCowan will build on the HR transformation strategy IFS has already embarked on, to lead a high-performing global team, delivering progressive HR strategies and initiatives to rapidly grow and scale IFS’s footprint.
“I’m delighted that Helena and Debra are joining IFS at such a pivotal point in its growth journey,” said Mark Moffat IFS CEO. “Helena’s leadership has been instrumental in orchestrating company-wide transformations, developing core technology infrastructures, and implementing robust security measures. Debra is a transformational Human Resources executive with years of global leadership experience in the technology sector, making her an excellent fit for this role. I look forward to the new perspectives and ideas they will both bring to IFS and support our global mission to lead the Industrial AI revolution.”
Nimmo started her career at Nokia in Finland and has since held leadership positions in both customer-facing and internal technology functions at organizations including Symbian, Fujitsu and Thomson Reuters.
“I’m delighted to be joining IFS, the world leader in cloud enterprise software and Industrial AI,” said Nimmo, IFS’s CIO. “I am excited to add my expertise to drive digital innovation and deliver exceptional value to our customers. I have a passion for technology and a commitment to excellence and am eager to contribute to IFS’s continued growth and success.”
Prior to NetApp, McCowan was the CHRO at Equinix the world’s leading global data center and interconnection provider. She has held global executive leadership roles at Avago Technologies (now Broadcom Inc.), Hitachi Data Systems (now Hitachi Vantara), and Telstra Corporation.
“Joining IFS at a time of significant growth globally is a tremendous opportunity,” said Debra McGowan, IFS CHRO. “My mission is to continue to build a conducive environment for diverse, strategically aligned high performing teams to connect and thrive in a fast-paced business and in a dynamic workplace. I look forward to this exciting challenge.”
About IFS
IFS is the world’s leading provider of Industrial AI and enterprise software for hardcore businesses that make, service, and power our planet. Our technology enables businesses which manufacture goods, maintain complex assets, and manage service-focused operations to unlock the transformative power of Industrial AI™ to enhance productivity, efficiency, and sustainability.
IFS Cloud is a fully composable AI-powered platform, designed for ultimate flexibility and adaptability to our customers’ specific requirements and business evolution. It spans the needs of Enterprise Resource Planning (ERP), Enterprise Asset Management (EAM), Supply Chain Management (SCM), Information Technology Service Management (ITSM), and Field Service Management (FSM). IFS technology leverages AI, machine learning, real-time data and analytics to empower our customers to make informed strategic decisions and excel at their Moment of Service™.
IFS was founded in 1983 by five university friends who pitched a tent outside our first customer’s site to ensure they would be available 24/7 and the needs of the customer would come first. Since then, IFS has grown into a global leader with over 7,000 employees in 90+ countries. Driven by those foundational values of agility, customer-centricity, and trust, IFS is recognized worldwide for delivering value and supporting strategic transformations. We are the most recommended supplier in our sector. Visit ifs.com to learn why.
Contact information:EUROPE / MEA / APJ:Adam GillbeEmail: [email protected] 
NORTH AMERICA / LATAM:Mairi MorganEmail: [email protected] 
This information was brought to you by Cision http://news.cision.com
https://news.cision.com/ifs/r/ifs-strengthens-executive-board-with-cio-and-chro-appointments,c4047765
The following files are available for download:
https://mb.cision.com/Main/855/4047765/3041094.pdf
Release
https://news.cision.com/ifs/i/cio-chro-appointments-930x423px,c3340279
CIO-CHRO-Appointments 930x423px
 

View original content:https://www.prnewswire.co.uk/news-releases/ifs-strengthens-executive-board-with-cio-and-chro-appointments-302268724.html

Continue Reading

Artificial Intelligence

Transforming Real Estate: Deka Immobilien and BuildingMinds Join Forces to Create Centralized ESG Data Hub for Carbon Reduction

Published

on

transforming-real-estate:-deka-immobilien-and-buildingminds-join-forces-to-create-centralized-esg-data-hub-for-carbon-reduction

BERLIN, Oct. 7, 2024 /PRNewswire/ — Deka Immobilien is implementing a central ESG data platform for its entire global real estate portfolio with BuildingMinds, the GRI winner of Proptech of the Year 2024. In the future, all stakeholders, from property and asset management to portfolio management, will be able to make data-driven decisions in real-time concerning the buildings and their CO2 emissions. At the same time, the created database will become the central supplier for Deka Immobilien’s ESG reporting activities.

The BuildingMinds platform is intended to serve as a control instrument, primarily for reducing the CO2 emissions of existing buildings.
A good, reliable database is the starting point for a well-founded reduction of CO2 emissions. BuildingMinds supports Deka Immobilien by providing structured data collection methods for energy and media consumption that meet the demands of a global real estate portfolio with varying requirements in individual countries and across different types of building usage. In addition, ESG-relevant documents such as energy certificates, green building certificates, and other expert opinions can be linked to each building. Enriched by a data quality assurance process, including a digitized, comprehensible filling of any data gaps, the platform becomes the “single-source-of-truth” for planning and reporting systems at Deka Immobilien.
The acquired database will become a central component in creating transparency around Deka Immobilien’s actions and the foundation for meeting European ESG reporting requirements. The BuildingMinds platform is integrated into Deka Immobilien’s reporting processes and also supports evaluations regarding the taxonomy conformity of the portfolio.
In the active asset management of the properties, the platform is used as an optimization tool. In the future, property, asset, and portfolio managers should be able to validate planning decisions based on real-time data. Benchmarks for energy and CO2 emissions can be used to analyze individual assets and entire portfolios. Targeted action plans can be evaluated in terms of their impact on energy, CO2 emissions, investment, and operating costs, allowing the path to achieving climate goals to be aligned with the fiduciary responsibility towards investors.
About BuildingMindsFounded in 2018 and fully funded by the Schindler Group, BuildingMinds is a software-as-a-service (SaaS) provider for the real estate industry, offering a comprehensive, data-driven platform for improving building performance. Using innovative technologies and analytics, BuildingMinds enables property owners and managers to efficiently monitor, assess, and optimize their portfolios and assets. This supports the development of a more sustainable and data-driven transformation in the real estate industry.
International Press Enquiries: Peter PanayiHead of Go-To-Market & Global Communicaions+44 [email protected]
Logo – https://mma.prnewswire.com/media/2523442/BuildingMinds_GmbH_Logo.jpg
 

View original content:https://www.prnewswire.co.uk/news-releases/transforming-real-estate-deka-immobilien-and-buildingminds-join-forces-to-create-centralized-esg-data-hub-for-carbon-reduction-302267841.html

Continue Reading

Artificial Intelligence

Racing Legend Jacques Villeneuve Engages CYPFER to Embolden Cybersecurity & Digital Resilience

Published

on

racing-legend-jacques-villeneuve-engages-cypfer-to-embolden-cybersecurity-&-digital-resilience

Villeneuve Looks to Be a Living Demonstration of Futurizing Racing Brands and The Business of Motorsports
MIAMI, LONDON and TORONTO, Oct. 7, 2024 /PRNewswire/ — Jacques Villeneuve, former Formula 1 World Champion and current F4 team owner, announced today the strategic partnership with Daniel Tobok, CEO of CYPFER, as Chief Cyber Intelligence Advisor for Villeneuve’s racing teams.

“The integration of advanced technology in motorsports demands equally advanced cybersecurity measures,” says Daniel Tobok, CEO of CYPFER. “With Jacques Villeneuve’s teams pushing the limits of innovation, we are dedicated to protecting their digital infrastructure, ensuring data integrity, and maintaining competitive advantage,” states Tobok.
The motorsports industry is increasingly reliant on digital technology, from car telemetry to race strategy simulations. According to a report by Cybersecurity Ventures, the cybercrime epidemic is predicted to cost the world $10.5 trillion annually by 2025, with the sports sector being a significant target due to its high-profile nature and valuable data.
“Racing at the highest levels requires not only physical and mechanical excellence but also digital security,” says Jacques Villeneuve. “Partnering with CYPFER gives us the confidence that our sensitive data, from race strategies to telemetry, is secure from cyber threats. This collaboration is a crucial part of our commitment to our core mission: winning races and pushing the boundaries of what’s possible in motorsports,” concludes Villeneuve.
“Entering the world of motorsports with Jacques Villeneuve is an exciting milestone for CYPFER,” shares Tobok. “Jacques’ legacy in racing and his forward-thinking approach make him an ideal collaborator. We are ready to safeguard his teams’ digital assets and contribute to their continued success,” concludes Tobok.
About CYPFER
CYPFER is on a global mission to help companies create Cyber Certainty™. With an experienced  team of incident responders, threat researchers, seasoned ransom experts, and data restoration experts, CYPFER is the trusted firm for leading law firms, insurance carriers and  global organizations. CYPFER’s cybersecurity professionals are located across the US, Canada,  UK, and Caribbean. The CYPFER team is ready to respond and help clients experiencing cyber attacks 24x7x365. CYPFER’s experts provide white-glove service and aim to restore Cyber Certainty™ for all clients on every engagement.
CYPFER’s core services include:
Ransomware Advisory Incident Response Services with specialized expertise in ransomware response and  recoveryOn-site and/or remote post-breach restoration support to augment internal teamsCYPFER is headquartered in Miami, FL. The company currently employs 140+ cybersecurity experts and has supported clients across six continents. CYPFER is executing plans to expand across the globe and boast a workforce of 200 cybersecurity professionals by the end of 2024.
For inquiries, please contact our PR Team at [email protected] 

View original content:https://www.prnewswire.co.uk/news-releases/racing-legend-jacques-villeneuve-engages-cypfer-to-embolden-cybersecurity–digital-resilience-302268233.html

Continue Reading
Advertisement
Advertisement

Latest News

Trending