Quantifind's AI platform to integrate global company data from OpenCorporates for best-in-class AML-KYC solutions
MENLO PARK, Calif., May 21, 2020 /CNW/ -- Today, Quantifind, a software company providing solutions that boost the effectiveness and efficiency of anti-money laundering (AML) and fraud investigations, announces an expanded partnership with OpenCorporates – the largest open database of companies in the world.
Building on their existing partnership, Quantifind will now integrate the complete OpenCorporates database of more than 180 million companies from over 130 jurisdictions worldwide into their product offerings. The OpenCorporates data, layered with Quantifind's intelligence, will be made available immediately through Quantifind's software-as-a-service (SaaS) product offerings for AML, Customer Due Diligence (CDD)/Know Your Customer (KYC), and fraud risk mitigation.
While OpenCorporates provides the most comprehensive and credible source of fully provenanced legal entity data worldwide, Quantifind differentiates with AI algorithms that connect entities and identify risks across data in the public domain. Together, the two organizations are now in a strong position to map out the global networks that have historically allowed would-be money launderers to obscure their sources of funds. In addition, this joint capability will immediately aid in the fight against pandemic-related financial fraud, such as business misrepresentation.
"We are delighted to announce the expansion of our relationship with OpenCorporates," says Adam Mulliken, SVP of Analytics and General Manager for Quantifind's Financial Crimes business. "The timing could not be better, as we continue to see rising demand for timely, credible contextual data around business entities as fallout from pandemic-related fraud."
"Our mission is to make the world's company information open to all for public good," says OpenCorporates' CEO and Co-founder Chris Taggart. "We are delighted that Quantifind will utilize our data even more to further the fight against financial crime."
To learn more about how Quantifind powers investigations into financial crime using OpenCorporates' data, read the case study.
Quantifind is a technology company whose AI platform uncovers risk signals across disparate and unstructured text sources. In financial crimes risk management, Quantifind provides an AI solution for anti-money laundering and fraud detection that uniquely discovers risk by combining internal financial institution data with public domain data. At a time when false positive transaction-based alerts are pushing compliance costs higher and further straining investigative workforces, a Quantifind implementation can help realize a 30% efficiency gain.
OpenCorporates is the largest open database of company information in the world, containing information on over 180 million companies in 130+ jurisdictions, all from primary public sources. Founded 10 years ago, it is a public-benefit company, whose primary public-benefit mission is to make company information more accessible, more useful and more usable. OpenCorporates has a unique structure with a set of world-renowned trustees to guarantee its independence and its public-benefit mission. This governance, data and expertise is allowing it to become the world's underlying supplier of foundational company data for the good of business and for society.
For more information, contact:
Head of Demand Generation, OpenCorporates