Wayne-based QuantaVerse, makers of an artificial intelligence-based platform that tracks risky financial transactions, landed a new client in Cathay Bank, a California-based Chinese-American bank.
The bank will deploy a suite of QuantaVerse’s software solutions to streamline its anti-money-laundering (AML) compliance and financial crime investigations. For context, Cathay Bank — founded in 1962 — says it’s the oldest Chinese-American bank and has close to 65 branches across the U.S. and Asia.
What helped make the sale? The artificial intelligence system will help Cathay Bank rely on tech to reduce costly, manual investigations into possible financial crimes. Instead, the machine learning/AI combo will identify patterns and give analysts timely alerts on high-risk activities.
“Done properly, leveraging the above could assist the bank to onboard/grow/manage higher-risk industries and help meet regulator expectations,” said Lora Swayne, a VP and project manager at Cathay Bank.
QuantaVerse’s tech was featured last year in a documentary by The Economist where founder and CEO Dave McLaughlin explained how the company helped track down human traffickers through data.
“We are excited to be working with Cathay Bank and other financial institutions that are dedicated to strengthening AML compliance,” he said this week. “Our full suite of AI financial crime solutions will better utilize the bank’s resources to identify financial crimes, streamline its AML investigation process and eliminate bad actors from the global banking system.”
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