Quantexa, the big data start-up, announces that its technology is supporting HSBC with the bank’s work to combat money laundering, following a successful pilot.

HSBC will integrate Quantexa technology into its systems this year. The technology will allow HSBC to spot potential money laundering activity by analysing internal, publicly available, and transactional data within a customer’s wider network.

The deployment of the technology follows a pilot of the software with HSBC in 2017 and will see the global bank and data start-up work together to better detect potentially illegal activity in its broader context, helping the bank fulfil its regulatory responsibilities and provide better understanding of the overall risk.

In March 2017, Quantexa closed a $3.3 million investment, led by Albion Ventures and HSBC.

Vishal Marria, CEO of Quantexa, commented on the relationship: “We are honoured to be working with HSBC in their mission to combat money laundering. Our market-leading technologies will be supporting the bank to join the dots of all their data to give a broader understanding of their customers and transactions across the globe. Through a better understanding, HSBC will be better equipped in their fight against financial crime.”

Ray O’Brien, HSBC’s Global Risk COO and Head of Global Risk Analytics, said: “HSBC is continuously looking for ways to build on our existing capabilities to detect and prevent financial crime. Following our investment in Quantexa, we are looking forward to working closely with the company to utilise its technologies as we become more intelligence led in our approach to financial crime risk management.”