Lucinity and Knights Analytics use AI to improve financial crime compliance

• Financial crime compliance platform Lucinity has announced a strategic partnership with AI data management company Knights Analytics.
• The partnership will provide advanced AI-powered data management capabilities to combat financial crime.
• Lucinity made its Finovate debut at FinovateSpring 2023 in San Francisco.

clarity has entered into a strategic partnership with Knights Analytics to add advanced AI data management capabilities to its financial crime compliance platform.

The integration enables Lucinity customers to manage their data within the unified Case management System. The strategic partnership will also introduce additional ways to deliver Generative AI capabilities, including entity resolution, network analysis, and automated data extraction from documents. Users will also be able to interact with their data through Lucinity's AI Copilot Lucithat provides actionable insights that are both intuitive and fully explainable.

“We are excited to make it easier to integrate more data into the Lucinity platform,” said Alex Ridden, CEO of Knights Analytics. “Combining our data matching and entity resolution solutions with Lucinity ensures financial institutions are making the most of their data. Financial institutions today are sitting on a wealth of information that they are not using effectively.”

Knights Analytics helps companies gain insights from large and siloed data sets. The company specializes in combining graph analytics and AI, transforming structured and unstructured data into a high-quality, unified data layer. By leveraging innovations in data linking and entity resolution technologies, Knights Analytics enables companies to build a solid data foundation on which they can accelerate business processes and gain actionable insights.

“The partnership with Knights Analytics will take Luci AI Copilot to the next level by improving data accuracy, reducing manual analysis, and increasing the reliability of financial crime investigations through advanced data linking and profile analysis,” said Guðmundur Kristjánsson, CEO of Lucinity. “This integration will unlock new use cases such as on-demand entity resolution and enable AI-driven automation and insights to streamline case investigations.”

Lucinity made its Finovate debut last year at FinovateSpring 2023. At the conference, the Reykjavik, Iceland-based company unveiled its AI-powered copilot, Luci. Luci can perform web searches, background checks, fraud detection, sanctions screening, and more. This ability to manage and streamline tedious and time-consuming tasks allows compliance professionals to focus their decision-making on more complex issues.

Lucinity was founded in 2018. According to Crunchbase, the company has raised more than $25 million in funding. The company's investors include Keen Venture Partners and Experian. Last month, Lucinity won the 2024 ICA Award for Innovation in Financial Crime Prevention for its Luci copilot. The company has also received accolades in recent months from Chartis Research and Microsoft, which named Lucinity one of its partners of the year for both its technological innovation and its commitment to “significant social impact and growth.”

Read our profile of Lucinity from earlier this year.

Photo by Vlada Karpovich

Views: 36

Related