Quantifind, which has built a SaaS solution used by banks to automate name screening and financial crimes investigations, has launched Chinese language support for its Graphyte platform.
The new feature enables Graphyte to leverage Chinese language data sources, adding billions of public records to its platform. This will improve the accuracy and confidence of risk assessments to detect and investigate financial risk and crime required of KYC and AML processes.
Users can enter person or organisation-based queries with Romanised pinyin, traditional, or simplified Chinese characters into the GraphyteSearch web application. It will then retrieve the results in Chinese characters, with the ability to easily translate these.
Quantifind CEO Ari Tuchman said, “Chinese language support opens up a wealth of data that is extremely useful in investigating global financial crimes that are otherwise obscured.
“We are proud of our ability to add new languages so quickly, even with non-Latin characters. We remain customer-driven and have a pipeline of requested languages that we will continue to roll out.”
Graphyte empowers automation within anti-money laundering and fraud investigations. It achieves this by automatically extracting predictive risk signals from various stores of structured and unstructured public data.
It claims customers can witness efficiency gains of up to 40%.
The RegTech company recently raised a $22m investment round to support its sales and marketing efforts, as well as the development of its platform.
It is critical for financial institutions to clear their alert backlogs and the newly enforced Anti-Money Laundering Act of 2020 (AMLA) makes it even more so. In a recent blog post, Quantifind stated that automation is the best way to stop backlogs forming.
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