AI-Driven FSI Solution Roots Out Financial Crimes By Discovering “Unknown Unknowns”
REDWOOD SHORES, Calif. — Sept. 8, 2021 — Symphony AyasdiAI announced today that Aite-Novarica Group’s first annual Fraud & AML Impact Innovation Awards has recognized the company with a win in the AML Innovation category. Aite-Novarica Group is a global advisory firm providing mission-critical insights on technology, regulations, strategy and operations to the financial services industry.
The awards, which will be presented during Aite-Novarica Group’s Financial Crime Forum taking place virtually Sept. 14 and 15, 2021, recognize and celebrate the industry’s leading and impactful fraud and anti-money laundering (AML) innovations. In its first year, the Fraud & AML Impact Innovation awards program looked for organizations deploying new initiatives, products and upgraded capabilities for more effectively and efficiently countering escalating financial crime threats and bringing the industry one step closer to next-generation financial crime-fighting innovation.
Symphony AyasdiAI is recognized for its SensaAML™ enterprise application, which integrates cutting-edge un-, semi- and supervised AI and graph machine learning capabilities to create the best discovery solution for AML, Fraud and other activities that arbitrage a financial institution to facilitate crime. AyasdiAI helps customers not just map to the “rule of the law” but execute the “mission of the law” driving true transparency into the discovery of attacks and criminal behaviors, and a resulting transformation of operational effectiveness. Delivering a new generation of explainable, deep, behavioral discovery, our customers can now predict with high certainty, and absolute clarity criminal behaviors others just can’t. It’s that simple. And, at a fraction of the deployment, cost and operational burdens previously expected.
Winners and finalists were selected based on a number of key criteria including level of innovation and competitive advantage, market needs assessment, impact on customer and end-user experience, impact on operational efficiency and financial crime risk detection and mitigation capabilities. The identification of any Aite-Novarica Group award winner or finalist is not an endorsement by Aite-Novarica Group of any vendor, product or service.
Charles Subrt, Aite-Novarica Group’s Fraud & AML Research Director, said: “For many Financial Institutions, building and sustaining effective AML technology frameworks has been hamstrung by a demanding business, operational and regulatory landscape. Aiming to empower AML functions with modern tools and techniques, SensaAML™ is an innovative financial crime solution that delivers automation and intelligence in the areas where financial institutions need it the most.”
Simon Moss, CEO, Symphony AyasdiAI, said: “It’s fantastic to receive this huge recognition in such short order. A giant thank you to our global team and to our brave, sincerely collaborative customers and partners that have been so brilliant in guiding the “Decoding the Financial Crime Genome” project. Our mission is simple – transform the effectiveness of AML and Fraud Units – simply, quickly and cost effectively move them from the age of steam, to the space age with the most powerful discovery abilities in the world. It’s time for the market to be armed with the right tools to combat adversaries that have outmaneuvered current approaches. AyasdiAI intends to be in the forefront of that fight. For the sake of all those harmed by the financing of crime, we gladly accept this award from Aite-Novarica Group. We will continue to discover sophisticated criminal behavior and help the financial industry gain the upper hand.”
About Symphony AyasdiAI
Symphony AyasdiAI, a SymphonyAI portfolio company, empowers banks and financial institutions with a complete picture of customer, third party and user behavior to discover crime, risk and competitive opportunity through unparalleled, predictive insight. Using a uniquely powerful combination of artificial intelligence and machine learning, AyasdiAI customers dramatically reduce the time to achieve genuine transparency, with full explainability. Ayasdi Sensa™ leverages unique combinations of topological data analysis, time series and leading analytical innovations to give organizations absolute fidelity for competitive discovery, risk detection and efficiency optimization. Learn more at www.ayasdi.com, LinkedIn, or Twitter.
SymphonyAI is building the leading enterprise AI company for digital transformation across the most important and resilient growth verticals, including life sciences, healthcare, retail, consumer packaged goods, financial services, manufacturing, and media. In each of these verticals, SAI businesses have many of the leading enterprises as clients. SAI is backed by a $1 billion commitment from Dr. Romesh Wadhwani, a successful entrepreneur and philanthropist. Since its founding in 2017, SymphonyAI has grown rapidly to a combined revenue run rate of more than $300 million and over 2,200 talented leaders, data scientists, and other professionals.
Shannon Van Every
Nadel Phelan, Inc.