Financial crime, risk, and compliance solutions provider, Exiger has entered into an agreement with Sumitomo Mitsui Banking Corporation Europe LTD (SMBC) in a bid to allow the bank to utilize the former’s KYC onboarding solution, DDIQ.

According to the supplier, the AI-powered KYC technology is expected to enable regulatory compliance for SMBC. The bank will also be able to reduce the number of false positives in the process of customer due diligence, thus propelling its operational efficiency.

“We are excited to work with a proven innovator in both explainable AI and financial crime compliance to enhance risk management, inform faster Know Your Customer (KYC) decisions, and improve the SMBC customer experience,” said a representative from Sumitomo Mitsui Banking Corporation Europe Ltd (SMBC). “Our agreement with Exiger continues our investment in technology to advance the standard, speed and efficiency of our AML processes.”

Exiger’s DDIQ technology provides services customized to the needs of its clients, investments, third parties, etc. It assesses content with cognitive reasoning and thereby allowing for the acceleration and enhancement of risk assessments. DDIQ is expected to assist SMBC in achieving regulatory requirements including KYC and AML as well as enhance its market position.

“As a forward-thinking global bank, SMBC is an ideal customer for us,” said Brandon Daniels, President of Global Technology Markets, Exiger. “Our goal is to ease the client onboarding process by bolstering SMBC’s deep expertise and global footprint with DDIQ’s capabilities, leading the way to advance the standard of efficiency and automation in global banking.”

Established in 2013, Exiger is a regulatory and financial crime, risk and compliance company. It aims to protect financial institutions, multinational corporations and governmental agencies with the practical advice and technology solutions they need to prevent compliance breaches, respond to risk, remediate major issues and monitor ongoing business activities.

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by Megha Bhattacharya
Market Analyst at IBS Intelligence
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