Quantifind, a provider of a SaaS platform used to help banks automate financial risk screening and investigations, has announced Varo Bank, N.A. as its newest customer.
Varo will use the AI-powered risk assessments and investigation tools provided with Quantifind’s Graphyte platform to optimize the performance and productivity of their EDD and AML initiatives.
Graphyte leverages AI and data science to detect and characterize signals of risk among thousands of watch lists and media sources. Banks are able to incorporate timely adverse media information via API throughout their monitoring processes, and automatically prioritize those customers and transactions posing the greatest risks and warranting the most immediate attention. AML analysts then use Graphyte’s investigation applications to make their review and reporting processes over 40% more productive.
“The performance of the Quantifind platform is remarkable in terms of its ability to provide accurate and complete results in a way that facilitates our analysts’ work and can scale with our growth,” commented Prav Chandrasekaran, BSA Officer at Varo. “In selecting Quantifind we feel we can fully leverage AI and Open Source data as well as bring consistency to our processes, maximizing the performance of our AML programs.”
“Varo is an incredibly innovative and forward-looking organization, which makes having them as a customer all the more gratifying,” said Ari Tuchman, CEO and Co-Founder of Quantifind. “We are well-aligned on our vision of the future of compliance and the role that adverse media can play in making banking more accessible to lawful customers.”
