Accenture partners with data analytics firm Quantexa to aid the detection of financial crime

Quantexa’s technology uses entity resolution with network analytics and AI to bring together disparate data sets. Headquartered in London, the company has worked with clients to detect money laundering activity by analysing internal, publicly available and transactional data within customers’ wider networks.

As part of the partnership, Accenture is planning to combine its technology with Quantexa’s network analytics to address financial crime and credit risk.

The investment will boost the development of Quantexa’s technology by tying it in with Accenture’s Applied Intelligence, while Accenture’s financial crime analytics utility, a data analytics-as-a-service platform, will also be used to train and refine Quantexa’s models to adapt to new threats.

Adam Markson, managing director of finance and risk services at Accenture, said: "By investing in Quantexa and combining our expertise, we are equipping our clients with new technologies and approaches to solving the most pressing data issues.

"Furthermore, the strategic alliance enhances our financial crime analytics utility, which will help prevent the movement of illicit funds that enable real world issues, including human trafficking and drug crime."

The financial terms of the investment were not disclosed.

https://www.research-live.com/article/news/accenture-partners-with-data-analytics-firm-quantexa/id/5045912

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Accenture Announces Alliance with Quantexa, a Data Analytics Company

by The RIQ News Desk

Earlier this week, Accenture announced that it has invested in and formed an alliance with Quantexa -- a data analytics company that deliver technology solutions to discover new intelligence. Accenture Ventures' minority investment will enable Quantexa to speed up the development of its artificial intelligence powered entity resolution and network analytics technology working with Accenture Applied Intelligence. Furthermore, the newly formed collaboration will also help clients discover new actionable insights across a variety of industry use cases, such as fighting against financial crime.

 

Under the aegis of the alliance agreement, Accenture intends to develop new abilities that bring together its technology as well as risk expertise with Quantexa’s network analytics platform. The collaboration hopes to build various artificial intelligence enabled solutions that contend with business challenges in areas such as credit risk, customer insight, and anti-money laundering.

In addition, Accenture added that Financial Crime Analytics Utility, its data analytics-as-a-service platform, will assist in training and refining Quantexa’s dynamic network analytics models, thus helping them to persistently adapt to emerging risks and threats.

Adam Markson, managing director, Accenture Finance & Risk Services, said, “By investing in Quantexa and combining our expertise, we are equipping our clients with new technologies and approaches to solving the most pressing data issues. Furthermore, the strategic alliance further enhances our Financial Crime Analytics Utility, which will help prevent the movement of illicit funds that enable real-world issues, including human trafficking and drug crime.”

Quantexa, based in London, allows organisations to drive improved decisions from their data. The company makes use of popular advancements in big data and artificial intelligence to discover hidden customer connections as well as behaviors to help address big issues in customer insight, data analytics, and financial crime. Quantexa has already helped businesses use its technology to identify potential money-laundering activity by assessing publicly available, transactional, and internal data within a customer’s broader network.

https://www.readitquik.com/news/data/accenture-announces-alliance-with-quantexa-a-data-analytics-company/