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May. 09, 2022

BlackSwan Technologies Forms Strategic Partnership with Refinitiv to Enhance Financial Crime Compliance

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Next-generation customer risk assessment enabled by combining comprehensive market data and advanced, AI-based AML capabilities


BlackSwan Technologies, the leading cloud enterprise software provider has announced that it has formed a strategic agreement with one of the world’s largest providers of financial crime data, Refinitiv, an LSEG business. The agreement enables next-generation customer risk assessment through an advanced compliance solution incorporating comprehensive financial crime data and ground-breaking AI technologies for KYC, Transaction Monitoring and Screening.

BlackSwan Technologies’ award-winning ELEMENT of Compliance™ application leverages the Data Fabric principles to enable firms to connect to a multitude of data sources in an intelligent, end-to-end solution which includes AI and cognitive computing capabilities, vendor-independent infrastructure, alert management, military-grade security and an intuitive user-interface. In addition to KYC, Transaction Monitoring and Screening, the application features perpetual KYC, Adverse Media Monitoring and Transaction Intelligence.

“Financial services firms are undergoing a paradigm shift from manual screening to automated screening that utilises artificial intelligence and machine learning capabilities,” said Harinder Singh Sudan, Senior Vice President of BlackSwan Technologies’ Financial Intelligence Unit.

“Our partnership with Refinitiv helps support this transition, as firms can rely on incredibly rich financial crime data delivered through an application with all of the advanced operational and analytic technologies available and a reduction of the traditional licensing and resource costs attached,” he said.

“Financial institutions are constantly seeking to step up their fight against financial crime, without increasing costs or reducing efficiency” said Emma Miller, Global Head of Strategic Partnerships, Refinitiv’s Customer & Third-Party Risk business.

“To do so, they need best-in-class data and technology working together. By enabling clients to use World-Check Risk Intelligence with Blackswan’s AI and cognitive computing capabilities, clients can ensure they are using the latest tools to unlock rich insights and reduce risk.”

BlackSwan’s consolidation of data sources reduces the manual dependency on analysts, and extends the coverage, accuracy and reliability of the data, ensuring companies can better assess risk profiles of entities. In addition, BlackSwan’s approach concludes the requirement for both a cost-prohibitive multi-vendor approach and a user-licence based setup, ultimately saving financial firms millions of pounds.

Refinitiv’s World-Check facilitates the Customer and Third Party Risk due diligence and monitoring process by providing the broadest and most accurate risk intelligence from open source media and public records to help validate customer or supplier information and identify potential risks exposure required by regulation such as AML and ABAC. Companies can combine the utilisation of Refinitiv’s financial crime data and BlackSwan’s AI capabilities within ELEMENT of Compliance, benefitting from better assessment of risk profiles of prospective customers and enhancement of their existing KYC, screening and monitoring controls.



Read more about ELEMENT™ of Compliance

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