Wayne, PA, July 19, 2016 – QuantaVerse, a data science company founded specifically to help financial services companies, today announced it has secured new financing from private equity investors. This latest round of funding has raised the current investment in QuantaVerse to $1.5 million, and will enable QuantaVerse to accelerate its growth and scale its advanced data science platform to meet growing demand by banks and financial services firms.
Purpose‐built for the banking industry and its unique business and compliance challenges, QuantaVerse solutions apply data science techniques, technology, automation and financial industry insider know‐how to help banks address their AML (Anti‐Money Laundering), BSA (Bank Secrecy Act), KYC (Know Your Customer) and other related requirements and regulations. QuantaVerse solutions are comprised of processes and systems designed to examine very large internal and external, structured and unstructured volumes of data in order to produce insights and identify suspicious relationships and patterns that can indicate money laundering and other illegal activity.
“This latest round of financing is further validation of our data science‐powered solutions and proven go‐to‐ market strategy,” said David McLaughlin, CEO of QuantaVerse. “Support from our equity investors is enabling us to accelerate the advancement of our technology which will reduce the risk of our customers running money laundering, terrorism financing, drug trade and other financing crimes through their banks and, in doing so, decrease the cost of regulatory compliance.”
“The QuantaVerse team is in the midst of building something really remarkable and I’m proud to support their efforts,” said Arthur Spector, Managing Director of Safeguard International. “Their management team has decades of experience in the financial services industry and understands the complexity of the issues. I believe the software platform they have developed will make a difference in fighting financial crime.”
Led by a seasoned group of financial industry veterans, QuantaVerse’s management team includes Founder and CEO David McLaughlin, COO Phil McLaughlin and CTO Kelly Torrence. Other key executives at QuantaVerse include Senior Software Engineer Oleg Koslovsky and Data Scientist Dr. Leandro Loss, PhD.
QuantaVerse is the emerging leader in data science‐powered risk reduction and revenue growth solutions, purpose‐built for the global banking industry. Founded by financial services industry veterans and innovators, QuantaVerse solutions employ proprietary data science algorithms, integrate and filter internal bank data and related external data – including public Internet data, unindexed deep web data and government and commercial datasets – to help the global banking industry to significantly improve their compliance with AML, KYC and BSA regulations and requirements. QuantaVerse solutions also drive revenue by turning KYC data into strategic insights about the markets and customers they serve. To learn more how QuantaVerse can help your financial institution, please contact us at (610) 465‐7320.
Prior to the COVID-19 outbreak, the 2020 outlook was an encouraging one as the year was shaping up to be positive for many industries. At the mid-year point of 2020, the world has changed, and we continue to observe the pandemic’s impact on our communities, economy,...
Jurisdiction Derivation, Powered by AI, Helps Financial Institutions Reduce Risk and Their Number of AML Investigations
Financial institutions are held accountable by regulators to ensure they are taking a risk-based approach in their AML/BSA compliance operations. As such, institutions must consider AML risk based on certain types of customers and transactions, including risky jurisdictions impacted by political or economic unrest.
The AI-powered QuantaVerse Automated Volume and Value (V&V) Transaction Analysis solution provides risk managers with better insights into variances in account activity that might indicate risks of financial crimes, or that suggest an account is being used for something other than its stated purpose. Analysis of this nature is a growing regulatory burden driven by the expectation that FIs understand the risk profile of clients as well as their clients’ clients.