Intellect Design Arena Limited’s iGTB division, the world’s first comprehensive global transaction banking solution, announced today its partnership with OutsideIQ, the cognitive computing technology company, to deliver DDIQ: the most advanced due diligence screening tool for compliance.
“OutsideIQ’s DDIQ system has been designed to simultaneously strengthen and simplify the otherwise expensive, time-consuming and labour-intensive process of due diligence,” said Dan Adamson, CEO of OutsideIQ. “Capable of producing complete profiles of corporations and individual subjects in mere minutes, the solution combines the speed and efficiency of automated data discovery with the data interpretation skills of a human researcher.”
DDIQ
“DDIQ’s ability to combine automation with humanlike interpretation is a godsend for banks, and in turn the security and stability of the underlying economy. Due diligence can no longer be restricted to conventional watch-lists, and must include unstructured sources, such as open and deep web searches, to accurately identify high-risk clients,” said Manish Maakan, CEO, iGTB. “This presents banks with a huge challenge, as the manpower required to understand and assess such information is truly enormous, yet the punishment for not doing so is even more significant. This partnership between Intellect and OutsideIQ will help solve this challenge.”
With the cost of breaking sanctions estimated at US$12 billion, financial institutions have been caught between the physical impossibility of manually tracking adverse-media results, and the limitations, false positives and out-of-context “noise” of automated due diligence. In 2014, one large bank spent nearly US$1 billion on managing regulatory requirements, while another has added 5,000 people to its compliance team over the last three years, in the wake of a US$1.9 billion fine for not following AML reporting and prevention regulations. Intellect has a rich portfolio of risk management solutions, which includes Client Onboarding, Origination, Enterprise Limits, AML Transaction Monitoring and Exception Management. DDIQ technology can be integrated with Intellect’s solutions to deliver an enhanced transaction banking experience. iGTB, the global transaction banking arm of Intellect, will leverage its expertise in Liquidity, Supply Chain & Trade, Payments & Cash Management and Commercial Risk to deliver an advanced screening solution in collaboration with OutsideIQ.
About Intellect Design Arena Ltd:
Intellect Design Arena Ltd is a specialist in applying true Digital Technologies across Banking and Insurance technology products company, across global consumer banking (iGCB), Central Banking, Risk & Treasury Management (iRTM), Global Transaction Banking (iGTB) and Insurance (Intellect SEEC).
The Intellect design philosophy, a key differentiator in developing solutions for the transformative agendas of CXOs, ensures a dramatic shift from disjointed digital activities to strategically aligned digital outcomes. Intellect’s FT 8012 Design Centre, the world’s first Design Centre for financial technologies, is a physical manifestation of enterprise commitment to design. It powerfully connects dots between Business, Technology and Operations, and accelerates the transformation process for customers.
Intellect generates annual revenues of more than USD 100 million, serving more than 200 customers through offices in 40+ countries and a diverse workforce of more than 3,000 solution architects, domain and technology experts, industry veterans, and reputed marketing and sales professionals, in major global financial hubs around the world. For further information on the organization and its solutions, please visit www.intellectdesign.com. For information on the solutions for global transaction banking, please visit www.igtb.com.
About OutsideIQ:
OutsideIQ the leader in due diligence cognitive computing and search. OutsideIQ brings together some of the world’s foremost experts on search with the best data scientists, big data professionals and software engineers to solve the complex problems of search for due diligence. Leveraging a proprietary approach to research via automated data discovery with the data interpretation skills of a human researcher, OutsideIQ is changing the way that the insurance and financial services industries vet their customers and handle their complex compliance requirements. For more information on OutsideIQ, please visit www.outsideiq.com.