SMBC Selects Exiger's DDIQ as a New AI AML Tool in EMEA Region

SMBC Will Leverage Exiger's DDIQ to Enhance Financial Crime Compliance and KYC Program
Exiger Logo.jpg

London and New York, NY (August 20, 2019) - Exiger, the leader in technology-enabled regulatory, financial crime, risk and compliance solutions, announced today its agreement with global financial institution Sumitomo Mitsui Banking Corporation Europe Ltd (SMBC) to leverage Exiger's artificial intelligence (AI)-powered KYC onboarding technology, DDIQ, to drive enhanced and sustainable regulatory compliance.

Following a rigorous evaluation period, SMBC selected DDIQ to deploy throughout its client onboarding and monitoring processes. Designed by expert technologists and Exiger's financial crime compliance subject matter experts, DDIQ understands and analyzes content with cognitive reasoning to accelerate and enhance risk assessments of clients, investments, transactions, third parties and counterparties using the power of AI.

"We are excited to work with a proven innovator in both explainable AI and financial crime compliance to enhance risk management, inform faster Know Your Customer (KYC) decisions, and improve the SMBC customer experience," said a representative from Sumitomo Mitsui Banking Corporation Europe Ltd (SMBC). "Our agreement with Exiger continues our investment in technology to advance the standard, speed and efficiency of our AML processes."

DDIQ's AI-driven technology is uniquely tailored to the needs of global corporations and financial institutions, such as SMBC. The growing complexity and scope of financial regulation makes it difficult to satisfy regulatory demands, including KYC and Anti-Money Laundering (AML) requirements, while still meeting the competitive needs of the financial market. By combining multi-disciplinary subject matter expertise with disruptive, purpose-built technology, SMBC will gain a competitive edge, dramatically reducing false positives in customer due diligence and boosting operational efficiency by over 80%.

"As a forward-thinking global bank, SMBC is an ideal customer for us," said Brandon Daniels, President of Global Technology Markets, Exiger. "Our goal is to ease the client onboarding process by bolstering SMBC's deep expertise and global footprint with DDIQ's capabilities, leading the way to advance the standard of efficiency and automation in global banking."

About SMBC
Sumitomo Mitsui Banking Corporation ("SMBC") was established in April 2001 through the merger of the two leading banks of The Sakura Bank, Limited and The Sumitomo Bank, Limited. Sumitomo Mitsui Financial Group, Inc. was established in December 2002 as a bank holding company through a share transfer, and SMBC became a wholly owned subsidiary of Sumitomo Mitsui Financial Group. In March 2003, SMBC merged with The Wakashio Bank, Ltd.

SMBC's competitive advantages include its solid and extensive client base, the expeditious implementation of strategies, and also the service providing capability of its predominant Group companies. SMBC Group is united in its effort to provide highly sophisticated and comprehensive financial services to clients.

About Exiger
Exiger is a global regulatory and financial crime, risk and compliance company. Exiger arms financial institutions, multinational corporations and governmental agencies with the practical advice and technology solutions they need to prevent compliance breaches, respond to risk, remediate major issues and monitor ongoing business activities. Exiger works with clients worldwide to assist them in effectively managing their critical challenges while developing and implementing the policies, procedures and programs needed to create a sustainable compliance environment. A global authority on regulatory compliance, the company also oversees some of the world's most complex court-appointed and voluntary monitorships in the private and public sectors. Exiger has four principal business units being: Exiger Advisory; Exiger Diligence; Exiger Government Services; and Exiger Tech, including AI-based automated due diligence solutions DDIQ and Insight 3PM. Exiger operates through offices in New York City, Silver Spring (DC Metro), Toronto, Vancouver, London, Bucharest, Hong Kong, and Singapore.

About Carrick Capital Partners
Who We Are
A firm of enterprise software, SaaS, and technology enabled services investors and operating executives with substantial experience founding, scaling, and optimizing market leading businesses.
Our Approach
We work with management to identify and improve critical areas of their business - focusing on the priorities that align with our experiences and that will deliver the highest strategic impact in both the short-term and long-run.
Why We Are Different
We have a concentrated number of companies in our portfolio so that we can build substantial relationships with each management team and ensure our firm's commitment to each company's goals.
Latest News
Axiom Logo.jpg
Axiom’s diversity statistics eclipse legal industry standards
September 18, 2019
Discovery Health Logo.jpg
Retired Health Plan Alliance president advances Discovery’s goals and supports customer outcomes with innovation, product development, and strategic planning expertise
September 17, 2019
Complia Logo.jpg
The Procura mobile products passed a 170 million-visit milestone this week, reporting an uptick in mobile EVV usage in recent years as solutions that were pioneered by Procura years ago have been proven at the enterprise level.
August 27, 2019