Indian technology consulting and digital solutions provider Tech Mahindra has joined forces with Discai to offer an artificial intelligence (AI)-driven anti-money laundering (AML) solution.
Fully owned subsidiary of KBC Group, Discai is a banktech company. It offers AI-based solutions to combat financial crimes.
The new solution will be built, tested and validated to improve transaction monitoring as well as regulatory compliance for financial institutions.
Discai CEO Fabrice Deprez said: “We are excited to partner with Tech Mahindra to extend our advanced AML solutions to a broader market.
“Powered by the expertise of KBC Bank Group, our AI-driven and rule-based technology, combined with Tech Mahindra’s proven IT integration skills, ensures that financial institutions can effectively combat financial crime while fully adhering to stringent regulatory requirements.”
By combining Tech Mahindra’s expertise in IT integration and Discai’s advanced AI and rule-based AML technology, the partnership will offer a solution designed to help financial institutions prevent and detect financial crimes.
The solution will also ensure compliance with regulatory standards.
Its dual focus on AI and rule-based transaction monitoring through know-your-transaction (KYT) and anti-money laundering (AML) is expected to allow financial institutions to effectively prevent and detect financial crime.
Besides, the modular solution will easily integrate with existing systems.
In addition, Tech Mahindra aims to improve the operational efficiency of financial institutions by lowering the risks associated with complex IT integration.
Tech Mahindra Europe business president and head Harshul Asnani said: “As the financial industry continues to navigate complex regulatory environments and sophisticated security challenges, offering them a strategic advantage is critical to strengthening their compliance capabilities.
“In response, Tech Mahindra has partnered with Discai to revolutionise anti-money laundering processes, offering customers unparalleled efficiency and security to help them Scale at Speed.”
Last month, Tech Mahindra partnered with Finastra, a provider of financial software applications and marketplaces, to enable corporate banks to speed up their digital transformation journeys.
As part of the collaboration, Tech Mahindra is Finastra’s exclusive global implementation partner for its cash management platform.
