QuantaVerse, the fintech company in Wayne that uses artificial intelligence to detect potential financial crimes, has added Cathay Bank, a Chinese-American bank, to its growing list of clients, writes Roberto Torres for Technical.ly Philly.
The California-based bank will use QuantaVerse’s software solutions to streamline its anti-money-laundering compliance and financial crime investigations.
The artificial intelligence system will also help the company’s new client reduce expenses incurred through costly manual investigations into possible financial crimes. It does this by identifying patterns, and then alerts its analysts to high-risk activities.
Last year, QuantaVerse’s technology was featured in a documentary by The Economist. In it, founder and CEO Dave McLaughlin explained how the company uses data to help track down human traffickers.
“Our full suite of A.I. financial crime solutions will better utilize the bank’s resources to identify financial crimes, streamline its AML investigation process, and eliminate bad actors from the global banking system,” he said.
Read more about QuantaVerse from Technical.ly Philly here.