Varo Leverages Quantifind’s Graphyte Platform to Streamline Their KYC-AML Programs and Prioritize the Highest Risks
PALO ALTO, Calif., July 15, 2021 — Quantifind, a provider of a SaaS platform used to help banks automate financial risk screening and investigations, today announced Varo Bank, N.A. as its newest customer. Varo is a new kind of bank: all-digital, mission-driven, FDIC-insured, and designed for the way you live. Varo will use the AI-powered risk assessments and investigation tools provided with Quantifind’s Graphyte platform to optimize the performance and productivity of their EDD and AML initiatives.
Graphyte leverages AI and data science to detect and characterize signals of risk among thousands of watch lists and media sources. Banks are able to incorporate timely adverse media information via API throughout their monitoring processes, and automatically prioritize those customers and transactions posing the greatest risks and warranting the most immediate attention. AML analysts then use Graphyte’s investigation applications to make their review and reporting processes over 40% more productive.
“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,” commented Prav Chandrasekaran, BSA Officer at Varo. “In selecting Quantifind we feel we can fully leverage AI and Open Source data as well as bring consistency to our processes, maximizing the performance of our AML programs.”
“Varo is an incredibly innovative and forward-looking organization, which makes having them as a customer all the more gratifying,” said Ari Tuchman, CEO and Co-Founder of Quantifind. “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.”
Join the Webinar
Quantifind will host a webinar on August 18th about how AI is “Transforming Adverse Media Screening”, where Prav Chandrasekaran and Ari Tuchman will be joined by Arin Ray of Celent in a deeper discussion of the recent Celent report of the same title. You can download the report and register for the webinar here.
About Quantifind
Quantifind was founded in 2009 upon pioneering work building machine learning technology to discover meaningful patterns across large, disparate, unstructured datasets. Through continued growth in multiple industries, Quantifind built a SaaS platform to address financial risk management and anti-money laundering by helping banks improve the efficiency of their AML investigations. Today, Quantifind’s platform embodies over a decade of R&D and deployment experience in machine learning, natural language processing, risk modeling, name science, and entity resolution, and is helping many large financial institutions and public sector agencies to combat crime. Its success is rooted in its fusion of science with design; machine learning innovations with intuitive, feature-rich web applications and APIs.
Quantifind is headquartered in Palo Alto, with teams in Boston, Washington D.C., and New York City. Learn more about Quantifind and request a demo at www.quantifind.com.