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HSBC, BNY Mellon, and ABN AMRO, among others, just poured funding into an intelligence platform that helps clients fight financial crime.  

One of the major hurdles to effective fraud prevention is data disorganization: By consolidating, analyzing, and providing context and connections across previously disparate information, data intelligence platforms can help investigators spot issues, faster. 

A squad of banks just joined the $129 million Series E for Quantexa, a decision intelligence firm that helps break down data silos to combat fraud.  

Most organizations have all the data they need to fight financial crime, but silos and manual processing prevent them from seeing the bigger picture. Master data management tools – which combine information across different source systems – provide transparency and can ultimately help financial institutions understand risk, prevent fraud, and spot opportunities for improvement.  

“Organizations are increasingly in need of a reliable single source of truth within the organization, and traditional approaches and technologies are not solving this need,” chief product officer Dan Higgins told Insights Distilled. Quantexa “deliberately created a truly open architecture that allows for easy integration and industry standard adoption, for everyone from data scientists to analysts,” he added.   

Quantexa’s technology has a wide range of use cases across financial services: It has helped HSBC screen for money laundering across millions of trade finance transactions and launch its Global Social Network Analytics platform, it supported Standard Chartered in investigating criminal activity across billions of data points, and it aided Allianz Insurance in managing risk. 

For example, the firm said it can process 60 billion data records in a single day, with 99% data match accuracy, and a 20% average rate of de-duplication of records. Banking customers have used its platform to reduce financial investigation times from weeks to hours.