OFX deploys Quantexa utilising the Google Cloud Platform

Source: IBS Intelligence 2020-06-28

Quantexa, a London-based contextual decision intelligence (CDI) software and solutions company, has partnered with OFX, which is a foreign exchange and global payments provider. The collaboration entails the deployment of a cloud-based service technology platform by OFX, which has its headquarters in Sydney. The platform is expected to strengthen OFX’s financial crime detection capabilities in international payments.

The regulatory focus on the integrity of international payments is increasing. The jointly configured cloud-based solution is deployed using the Google Cloud Platform infrastructure. It 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.

Vishal Marria, CEO, Quantexa enthused, “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.”

The enhanced capabilities of the solution have empowered OFX to intensify the process for monitoring its customers’ transactional activity.

Mark Shaw, COO, OFX explained, “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.”

The platform generates more meaningful alerts and has the ability to spot hidden risks more effectively, with fewer false-positive alerts. The partnership brings both parties to enable more automated, real-time decisioning and to efficiently detect criminal activity across borders.

OFX deploys Quantexa utilising the Google Cloud Platform

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