Hummingbird, a leading provider of financial crime risk management solutions, announced the acquisition of LogicLoop, a pioneer in no-code data integration and automation. The acquisition marks a significant step forward in Hummingbird’s mission to become the core operating platform for financial crime fighters, empowering financial institutions to unify, explore, and act on their risk and compliance data.
Data fragmentation continues to be the top challenge facing financial institutions globally. Risk and compliance teams, in particular, struggle to access their data and leverage it for risk management and financial crime investigations, resulting in gaps and inefficiencies. With LogicLoop’s innovative technology, Hummingbird is poised to tackle this problem head-on.
“We envision a future where financial institutions can connect any data source, instantly access the information using queries or AI, and route it through automated procedures and into investigations to seamlessly facilitate compliance work,” said Joe Robinson, Co-Founder and CEO of Hummingbird. “This acquisition brings that future into the present day, increasing the utility of an institution’s data and enabling better decision-making for financial crime fighters.”
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The combined offering delivers:
- No-Code Integrations: The combined solution enables the connection of internal and external data sources via no-code integrations, reducing reliance on technical resources. Data fed into Hummingbird can then be used to power automation and ad-hoc exploration.
- Algorithmic Power: Hummingbird’s acquisition of LogicLoop expands customers’ ability to build, test, and deploy the algorithms that power risk and compliance programs – on the fly and without the need for technical expertise. This means customers get immediate access to the data they need, allowing them to simultaneously stay on top of emergent trends and new fincrime typologies, flexibly adapting as situations evolve.
- Unified Operating System: The combined solution marks a giant step forward in centralizing risk and compliance work into a single operating system. Hummingbird is expanding its ability to unify data, automation, and investigations, allowing in-depth explorations of customer profiles and activities to be conducted through data aggregation and visualization tools. Additionally, information and decisions can be routed directly to any system powering financial crime operations, bringing the full sweep of an investigation under a single platform.
Use cases for this suite of customer benefits include assessing customer risk, simplifying data exploration to identify trends, and enriching existing data for deeper insights and more informed decision-making. By empowering risk and compliance teams to set up automated procedures on top of their data without the need for engineering resources, LogicLoop enhances the existing Hummingbird platform and offers even more ways to streamline their operations and keep their institutions safe.
“I founded LogicLoop to empower operations teams to do more with data – without relying on scarce technical resources,” said Jesika Haria, Co-Founder and CEO of LogicLoop. “By integrating LogicLoop into Hummingbird’s best-in-class compliance platform, more financial institutions will be able to harness the power of data, automation, and AI, gaining a competitive advantage in the fight against financial crime.”
With the addition of LogicLoop, Hummingbird is set to redefine how financial institutions handle risk and compliance, providing greater access to data, simplifying and automating operations, and enhancing decision-making to deliver more impactful outcomes.
SOURCE: BusinessWire