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4 trending U.S. based RegTech companies in Transaction monitoring

By Pavithra R

November 11, 2020

  • Appzen
  • Chainalysis
  • USA
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4 trending U.S. based RegTech companies in Transaction monitoring

The term Regulatory technology (RegTech) was first coined by the UK’s Financial Conduct Authority(FCA) in 2015. It is the result of applying technologies like artificial intelligence (AI), cloud computing, machine learning (ML), natural language processing (NLP), big data and blockchain to the regulatory sector to adapt quickly to the tectonic changes in the financial ecosystem. 

IBS intelligence brings to you four trending U.S. based RegTech companies in Transaction monitoring:

Chainalysis (2014)

New York-based Chainalysis is a blockchain analysis company offering cryptocurrency investigation and compliance solutions to global law enforcement agencies, regulators, and businesses to fight illicit cryptocurrency activity. The company serves as a strategic partner to financial institutions, governments, and cryptocurrency businesses, across 40 countries providing data, investigation software, transaction monitoring solutions, Compliance and expertise on sophisticated cryptocurrency crime and money laundering tactics, techniques, and procedures.

Recently, Law enforcement agents used Chainalysis tools and investigative assistance to identify the largest cryptocurrency wallets with connections to Silk Road, a modern darknet market, enabling them to generate this lead from evidence on the blockchain.

Appzen (2012)

California based Appzen overhauls the way finance teams work, automating spend approvals and providing insights that help reduce spend, comply with policy, and streamline the process. The company’s mission is to help modern finance teams lead the way with artificial intelligence.

Its platform combines patented deep learning, computer vision, and semantic analysis with intelligence from thousands of online data sources to understand financial transactions in a business context and make decisions before those transactions happen. Appzen’s platform uses AI to automate expense report auditing, transform spend process and detect compliance issues and fraud. It integrates with almost all major back-office systems without disrupting existing operations.

AML Compliance (formerly IdentityMind) (2011)

Acuant Compliance is a leading global provider of identity verification, regulatory Compliance (AML/KYC) and digital identity solutions. The company provides AML capabilities that banks, money services businesses, FinTechs, casinos, and other regulated industries need, manage fraud and fight financial crime- all in a single platform.

Its advanced AI technology allows users to automatically approve or deny prospects, operational technologies make compliance team more efficient. Its digital identity technology helps to make understand the risk of a specific identity and enables businesses to react in real-time.

Acuant Compliance/IdentityMind offers a complete solution for AML: KYC, KYB, Sanctions Screening and Transaction Monitoring, covering Banks Secrecy Act (BSA) compliance and global regulations such as PSD2 and GDPR. It also prevents fraud associated with online payment transactions across any payment type from credit cards, ACH, digital wallets, bank accounts, wires, etc.

Feedzai (2009)

Feedzai is the market leader in fighting fraud with AI. The company leverages big data, machine learning and AI to manage risk and for anti-fraud solutions. Feedzai is developing advanced AI and Engineering solutions to ensure frictionless money flows in financial services while keeping humans safe from financial crime.

It currently protects companies with more than 800 million customers in 190 countries. The company also keeps protecting its growing Intellectual Property portfolio with six new patents filed in the first half of the year around Deep Learning, Model Fairness Optimization, Active Learning, Transaction Graph Representations, and more. 

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