iGTB and OutsideIQ Partner to Deliver Cognitive Computing Due Diligence

Published 
  • New solution significantly strengthens and simplifies “Know Your Customer” processes

London(UK), Chennai(India), New York(US) and Toronto(Canada): Intellect Design Arena Limited’s iGTB division, the world’s first comprehensive global transaction banking solution, announced today its partnership with OutsideIQ, the cognitive computing technology company, to deliver DDIQ: the most advanced due diligence screening tool for compliance.

“OutsideIQ’s DDIQ system has been designed to simultaneously strengthen and simplify the otherwise expensive, time-consuming and labour-intensive process of due diligence,” said Dan Adamson, CEO of OutsideIQ. “Capable of producing complete profiles of corporations and individual subjects in mere minutes, the solution combines the speed and efficiency of automated data discovery with the data interpretation skills of a human researcher.”

DDIQ:

 Incorporates cognitive computing and natural-language processing to create an adverse media search that is contextual and subject aware
 Addresses the challenge of false positives while simultaneously reducing the cost and time burdens associated with manually searched information
 Conducts the most comprehensive search available, with underlying sources ranging from regulatory databases and watch-lists to sanctions lists, politically-exposed person (PEP) lists, legal databases, the open web and premium structured content
 Flags potential high-risk suspects with discovered adverse media before that person or entity appears on official watch-lists
 Prepares auditable reports that can be re-run on a periodic basis without the need to re-assess previously reported data
 Significantly enhances KYC and due-diligence capabilities while allowing compliance professionals to focus their time elsewhere

“DDIQ’s ability to combine automation with humanlike interpretation is a godsend for banks, and in turn the security and stability of the underlying economy. Due diligence can no longer be restricted to conventional watch-lists, and must include unstructured sources, such as open and deep web searches, to accurately identify high-risk clients,” said Manish Maakan, CEO, iGTB. “This presents banks with a huge challenge, as the manpower required to understand and assess such information is truly enormous, yet the punishment for not doing so is even more significant. This partnership between Intellect and OutsideIQ will help solve this challenge.” 

With the cost of breaking sanctions estimated at US$12 billion, financial institutions have been caught between the physical impossibility of manually tracking adverse-media results, and the limitations, false positives and out-of-context “noise” of automated due diligence.

In 2014, one large bank spent nearly US$1 billion on managing regulatory requirements, while another has added 5,000 people to its compliance team over the last three years, in the wake of a US$1.9 billion fine for not following AML reporting and prevention regulations. Intellect has a rich portfolio of risk management solutions, which includes Client Onboarding, Origination, Enterprise Limits, AML Transaction Monitoring and Exception Management. DDIQ technology can be integrated with Intellect’s solutions to deliver an enhanced transaction banking experience. iGTB, the global transaction banking arm of Intellect, will leverage its expertise in Liquidity, Supply Chain & Trade, Payments & Cash Management and Commercial Risk to deliver an advanced screening solution in collaboration with OutsideIQ.

Most recent episodes

£15 Billion Stimulus Pumped into UK Economy to Ward Off Recession Fears

Welcome to the latest edition of Liquidity Link Live, your exclusive market analysis provided by Northern Trust Asset Management, one of the world’s largest cash managers. Tune in each month to discover the very latest insights on the UK, Eurozone and US markets. This edition was recorded on the 7th June...

04:44

Advantage Treasury

Eleanor Hill is joined in the virtual TreasuryCast studio by Nicolas Cailly and Philippe Penichou (Societe Generale) to look at treasury trend predictions for the remainder of 2022, with a particular focus on virtual accounts. In this deep dive into current and future treasury priorities, our guests...

24:22

40th Annual New York Cash Exchange: What Can Treasurers Expect?

Ahead of the 40th annual New York Cash Exchange, two of TMANY's distinguished board members, David Miller and Timothy T. Hesler, CTP, provide TMI CEO, Robin Page, with a quickfire rundown of what attendees can expect from this year’s conference. Our guests share their aspirations for the event, explain...

09:58

Expectation-Beating Inflation Prints Ratchet Up Pressure on Monetary Policy

Welcome to the third edition of Liquidity Link Live, your exclusive market analysis provided by Northern Trust Asset Management, one of the world’s largest cash managers. Tune in each month to discover the very latest insights on the UK, Eurozone and US markets. This edition was recorded on the 9th May...

04:48

Making the Sustainable Transition: A Roadmap to ESG in Treasury

Over the last 18 months, Societe Generale has experienced a steady increase in requests from their corporate clients to integrate ESG features in treasury management.  Louis-David Rouyer, Philippe Pougeard, and Emmanuelle Petelle (Societe Generale) provide TMI's Eleanor Hill with a whistlestop run...

22:24

Lift Off for Fed Rate Rises

Welcome to the latest edition of Liquidity Link Live, your exclusive market analysis provided by Northern Trust Asset Management, one of the world’s largest cash managers. Tune in each month to discover the very latest insights on the UK, Eurozone and US markets. This edition was recorded on the 5th of...

04:58

Treasury in 2022 and Beyond

Industry experts Bob Stark (Kyriba) and Sebastian di Paola (PwC) join TMI's Editor, Eleanor Hill, to explore the very latest treasury trends - and to discuss how smart treasurers can get ahead of th...

43:21

How BearingPoint Harnessed Data-Driven Forecasting with CashAnalytics and SAP

Listen back to our recent forecasting masterclass, where Group Treasurer Eveline Stam, and Conor Deegan (CashAnalytics) provided TMI's Eleanor Hill with a comprehensive overview of how consultancy firm BearingPoint achieved company-wide cash forecasting nirvana by combining specialist solutions from...

37:14

The 3 T’s of The Future: Tech, Treasury, and Transformation

Over the past two years, an increasingly dynamic environment has not only accelerated technology development – from quantum computing to blockchain technology, and even the metaverse – but also technology adoption, bridging colleagues and breaking down silos in a remote work world. In this podcast,...

44:02

Monetary Policy Continues to Drive Markets as Ukraine Invasion Weighs on March Meetings

Welcome to the second edition of Liquidity Link Live, your exclusive market analysis provided by Northern Trust Asset Management, one of the world’s largest cash managers. Tune in each month to discover the very latest insights on the UK, Eurozone and US markets. This edition was recorded on the 3rd of...

05:25