INFORM GmbH and BigML Inc. have agreed to terms on a preferred partner program to further ingrain best practice machine learning algorithms to the daily fight against financial crime with RiskShield.
Both firms have recognized great synergies between their respective technologies and will bring a unique approach to the fight against fraud, money laundering and other financial crimes.
Under the agreement, INFORM will be developing and offering access to RiskShield ML, powered by BigML. RiskShield ML serves as an enhancement to the current RiskShield machine learning offering, making model creation easy and accessible to all organizational functions of its customer base. Customers can develop and train their own models, which can be validated and applied in real-time for detecting new modus operandi of financial criminals. INFORM’s proprietary interface to BigML allows for the seamless integration of data regarding, among other things, transaction decisions, which will be used to dynamically train and update the financial crime fighting models. INFORM will also serve as a sales and delivery partner for the standalone BigML platform.
BigML’s promise to bring machine learning to everyone in a beautifully simple environment combined with RiskShield’s powerful decision engine further enables financial institutions to take a hybrid Artificial Intelligence (AI) approach to their fraud and money laundering prevention efforts. On the one hand, users benefit from knowledge-based methods such as mixed logic rule sets, fuzzy logic scorecards, dynamic profiling and blacklists. On the other hand, RiskShield ML, powered by BigML, offers users the ability to take historical transactional data and learn from the decisions using both supervised and unsupervised learning methods.
BigML CEO Francisco J. Martin stated, “We are very excited about this partnership with INFORM. We are looking forward to what we can accomplish together in the multi-billion euro financial crime fighting space and have already identified other application areas for the powerful RiskShield decision engine with its expansive feature engineering capabilities.”
Dr. Andreas Meyer, EVP Risk and Fraud at INFORM echoed Martin’s excitement about the new partnership and added, “Integrating BigML’s intuitive platform into the existing RiskShield portfolio is a big win for our current customers, prospects and the financial crime fighting industry as a whole. Together with BigML, we are able to deliver the most user friendly, comprehensive Hybrid AI solution on the market. We also see potential for further expansion of the BigML platform across other INFORM customer application areas.”
INFORM and BigML will take the stage together at the upcoming RiskShield International Networking Event on November 28 and 29 to present their new joint solution.