From Norkom, Detica, and BAE Systems to Ayasdi, Sensa, and NetReveal, what’s under the hood of SymphonyAI’s financial crime software today?
The evolution of SymphonyAI, Sensa, and NetReveal: Financial crime software with a difference
SymphonyAI takes a fundamentally different approach to AI. Offering tailored predictive and generative AI applications that address core business challenges to deliver rapid, real, relevant results. To do this, SymphonyAI combines cutting-edge AI with deep vertical expertise, and it operates across a series of verticals – retail, industrial, media, business IT, and financial services.
To bring AI to the forefront of financial crime software and improve the way that investigations are conducted, SymphonyAI acquired two companies – Sensa and NetReveal.
Sensa
Sensa, formerly known as Ayasdi, was originally launched as a general-purpose AI platform with the most advanced machine learning available. Many organizations in healthcare, telecommunications, high-tech manufacturing, financial services, and others saw significant benefits using Ayasdi. SymphonyAI purchased the company in 2019, and quickly moved to capture the exceptional promise in its financial services operation, with Ayasdi AML (Anti Money Laundering) dramatically cutting false positives and reducing investigator workload, allowing a bank to focus its efforts on truly suspicious behavior.
NetReveal
NetReveal has for years been recognized as one of the leading financial crime software programs. In operation for more than twenty years, NetReveal wins numerous awards and is frequently cited in industry reports from the likes of Celent, Quadrant, and Chartis as a high-performing product across anti-financial crime categories such as KYC, CDD, AML, payment fraud, and watchlist management.
SymphonyAI purchased the company from BAE Systems in 2022. Investing heavily in the software – to combine the world-leading AI knowledge and the advanced machine learning capabilities SymphonyAI and Sensa, and the technical know-how and enterprise-scale of NetReveal – has created a complete end-to-end financial crime prevention detection solution, all powered by AI.
The strategy is already paying off with SymphonyAI winning Microsoft Partner of the Year for AI Innovation, Technology Partner of the Year at the ICA Compliance Awards 2024 for a breakthrough collaboration with Absa in AI-driven risk management, and RegTech of the Year 2024 at the FinTech Awards London. Alongside this, the company has been featured in the AI FinTech 100 and inaugural FinCrimeTech 50 lists.
SymphonyAI was also regarded as a top-three vendor in the inaugural Chartis Financial Crime and Compliance (FCC) 50 Ranking. The company was also recognized with the Chartis GenAI Initiatives Award on the strength of its AI-led anti-financial crime software that is revolutionizing the finance industry.
Introducir la IA en la detección y prevención de la delincuencia financiera
SymphonyAI works in a different way to other financial crime prevention companies. Rather than simply slapping on AI because everyone talks about it as the next big thing, SymphonyAI takes a fundamentally different approach. In effect, starting with the AI capabilities and where AI can best add value – both predictive AI and generative AI – and building a dedicated AI application to work with the financial crime prevention solution. Although it may sound similar, it is a fundamentally different approach to bringing AI tools to financial institutions, working with AI from the ground up, focusing on how best AI can be implemented and used by financial crime investigators for maximum effectiveness. (SymphonyAI has also worked in this way with its other verticals in retail/CPG, media, business IT, and industrial sectors).
El auge de los servicios financieros SymphonyAI
The complementary nature of NetReveal – a best-in-class financial crime prevention solution – and Sensa – best-in-class AI – was clear from the outset, and this paved the way for the AI-led NetReveal transaction monitoring product. The launch of Sensa Copilot marked the start of a new era for financial crime prevention and the joint products of NetReveal and Sensa under SymphonyAI.
An advanced, comprehensive generative AI assistant, Sensa Copilot speeds up the productivity of investigators by quickly finding the information they require and collating it into an easy-to-understand context for the case file. Alongside this, Sensa Copilot also assists in generating suspicious activity reports (SARs), and creating narratives of an investigation’s progress, to help when a case is escalated to another investigator.
It isn’t just the frontend that is beneficial for enterprises either; behind the scenes, it is also possible to use AI for important analytics purposes – seeing how investigators interact with Sensa Copilot and iterating on the language learning model (LLM) accordingly. In short, it hugely enhances a financial institution’s effectiveness, efficiency, and productivity.
Ever more impressive financial crime software
Sensa Copilot was just the start of this AI journey to dramatically advance financial crime prevention capabilities. September 2023 saw the release of the Sensa Investigation Hub, a single, enterprise-wide product for all investigative needs, powered by generative AI. Sensa Investigation Hub is detection-agnostic and configurable to any use case or asset class. A powerful addition to a financial enterprise’s arsenal, it offers a centralized view of financial crime across business units for an entity-centric view of risk. Because Sensa Investigation Hub sits atop an institution’s existing detection software, it provides the benefits of AI capabilities even if an existing provider is not. Improving investigation efficiency by up to 70%, Sensa Investigation Hub is a game changer for the industry.
Alongside the Sensa Investigation Hub, SymphonyAI has also been working on SensaAI for AML and SensaAI for Sanctions. These innovative financial crime tools enhance—or augment—a financial institution’s fight against money laundering and sanctioned entities.
SensaAI for AML strengthens existing anti-money laundering systems, eliminating the need for a complete overhaul by arming investigators with powerful AI capabilities that significantly reduce false positives.
SensaAI for Sanctions allows companies to augment existing detection solutions to dramatically enhance matching capabilities with generative AI and predictive AI that analyzes and structures previously unstructured text, again significantly reducing false positives. The result is a real-time AI upgrade for screening with a seamless, streamlined process.
The future is here now: From SymphonyAI Sensa-NetReveal to SymphonyAI
In a short amount of time, SymphonyAI’s financial crime solutions have revolutionized financial crime detection, prevention, and investigation. These achievements are only possible by working as one – one vision, one team, and solutions that embody both – and that’s the core of SymphonyAI.
If you’re interested in learning more about SymphonyAI financial services, how our financial crime software can be implemented into your current systems, or how we are combatting money laundering and payment fraud now and far into the future, reach out to us to learn more.
