Leading foreign exchange and global payments provider OFX deploys Quantexa, utilising Google Cloud Platform, to fight increasing industry financial crime risk and support regulatory obligations
London and Sydney, June 24th 2020 – Quantexa, the leader in contextual decision intelligence (CDI) software and solutions, has partnered with OFX, to deploy a pioneering cloud-based service technology platform that strengthens OFX’s financial crime detection capabilities in international payments.
With increasing regulatory focus on the integrity of international payments, OFX is leading the way with enhanced anti-financial crime detection and investigation capabilities, working with Quantexa. The jointly configured cloud-based solution deployed using Google Cloud Platform infrastructure, uses dynamic entity resolution and network analytics as-a-service to build a complete contextual view across multiple data sources to detect financial crime more accurately. The enhanced capabilities of the solution have empowered OFX to enhance the process for monitoring its customers transactional activity and improving the detection of financial crime.
By creating a 360-degree contextual view of the customer, the platform enables the generation of more meaningful alerts and the ability to spot hidden risks more effectively, with fewer false positive alerts.
The partnership brings together two leading innovators in the FinTech and RegTech sectors to enable more automated, real-time decisioning and to more effectively detect criminal activity across borders.
By enriching internal data with transactional data and external sources, Quantexa’s CDI technology builds a complete network view of customers to reveal hidden connections and suspicious activity. A contextual approach to risk detection empowers OFX to effectively identify complex risk and financial crime, such as money laundering, and enables them to make better operational decisions in a shorter time frame.
Vishal Marria, CEO of Quantexa, said: “We are delighted to be working with such a progressive organisation like OFX, who are leveraging our contextual decisioning technology to tackle an important global challenge, to help ensure international fund transfers are not exploited by increasingly sophisticated criminal networks, looking to move illicit funds across borders. Jointly we have created a solution that is ensuring the integrity of international payments.”
Mark Shaw, COO of OFX, said: “We continuously look for innovative ways to build on our existing prevention systems to keep ahead of financial crime. The bottom line is that this matters because it protects our customers and our communities. Illicit flows can underpin horrendous crimes and all of us in the industry has to play our part in making sure we do everything in our power to ensure we prevent it. Quantexa’s open technology integrates into our IT ecosystem and augments our team’s investigative capability. It has given us the ability to identify wider networks of suspicious transfers, enabling us to react quickly and protect our customers.”
OFX grew from the idea that there had to be a better, fairer way to move money around the world. That was 20 years ago, and we’re still driven by the same mission today.
We believe real help from real people counts, and that’s why we offer our clients the best of both worlds – a easy to use digital platform, combined with 24/7 phone access to our Currency Experts (we call them OFXperts). Foreign exchange is in our DNA. We help clients navigate the complexity of FX, making it simple and easy to understand. Because when it comes to money, informed decisions are the best decisions.
Keeping our clients’ money secure is a top priority. We’re an ASX listed company and are monitored by over 50 regulators globally. To date, we have helped over 1 million customers worldwide and have transferred over AU$150 billion. Our clients are all over the globe, so we are too. We operate in offices in London, Sydney, Auckland, Hong Kong, Singapore, Toronto and San Francisco. It’s global expertise, delivered locally.
For more information, please visit www.OFX.com
Quantexa is a contextual decision intelligence software and solutions company that empowers organisations to drive better operational decisions from their data. Using the latest advancements in big data and AI, Quantexa’s platform uncovers hidden risk and discovers new opportunities by providing a contextual view of all internal and external data in a single place. It solves major challenges across financial crime, customer intelligence, credit risk, fraud and throughout the customer lifecycle.
The Quantexa platform pushes performance to a new level with over 90% more accuracy and 60 times faster analytical model resolution than traditional approaches. Quantexa has thousands of users working with billions of transactions and data points across the world. Quantexa is a global business with offices in London, New York, Boston, Belgium, Toronto, Singapore, Melbourne and Sydney.
For more information, visit: www.quantexa.com
T: +44 7864 762307