Accenture Ventures links up with AI firm Quantexa to tackle money laundering, credit risk
Accenture Ventures has taken a minority stake in data analytics firm Quantexa. The investment will spur Quantexa’s artificial intelligence-based network analytics and entity resolution technology. The solution will integrate with Accenture Applied Intelligence to aid Accenture clients in finding new, actionable insights. The collaboration will also enable the detection of financial crime.
Accenture plans to combine its own technology with Quantexa’s network analytics technology to develop AI-enabled solutions to detect money laundering, credit risk and provide customer insights. Accenture will use its Financial Crime Analytics Utility to refine Quantexa’s network analytics modeling.
“Accenture is committed to employing innovative techniques to help our clients tackle complex issues such as money laundering,” said Adam Markson, managing director, Accenture Finance & Risk Services. “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.”
London-based, Quantexa applies leading-edge analytics and big data to identify difficult-to-detect customer connections and behavior. Quantexa’s technology has successfully detected potential money-laundering activity via the analysis via network analysis.
“We are delighted to be working with Accenture to deliver and scale our technology to help solve our clients’ biggest data challenges,” said Quantexa CEO Vishal Marria. “Creating context is critical in investigations to help clients connect the dots in their data, allowing them to see the complete picture and make better decisions.”