Varo Bank, a digital bank in the US, has partnered with Quantifind to streamline its KYC and anti-money laundering (AML) programmes.
As agreed, Varo Bank will use Quantifind Graphyte platform’s AI-powered risk assessments and investigation tools.
The platform leverages AI and data science to identify and characterise signals of risk among thousands of watch lists.
The process enables banks to add adverse media information via API throughout their monitoring processes. It automatically triggers alarm for customers and transactions posing the greatest risks expediting response process.
Varo BSA Officer Prav Chandrasekaran said: “The performance of the Quantifind platform is remarkable in terms of its ability to provide accurate and complete results in a way that facilitates our analysts’ work and can scale with our growth.
“In selecting Quantifind we feel we can fully leverage AI and Open Source data as well as bring consistency to our processes, maximising the performance of our AML programmes.”
Quantifind co-founder and CEO Ari Tuchman said: “Varo is an incredibly innovative and forward-looking organisation, which makes having them as a customer all the more gratifying.
“We are well-aligned on our vision of the future of compliance and the role that adverse media can play in making banking more accessible to lawful customers.”
Varo is an all-digital, FDIC-insured bank. In February 2021, Varo Bank secured $63m investment in a round led by NBA star Russell Westbrook.