SymphonyAI, a leader in high-value enterprise AI SaaS for strategic industries, announced a strategic partner agreement with Tata Consultancy Services (TCS), to expand and accelerate markets across business verticals worldwide. Initially focused on financial crime detection, the strategic agreement will bring the benefits of focused predictive and generative AI to organizations across industries.
Criminals annually launder as much as 5 percent of global GDP, or US $2 trillion, according to the “Global FinCrime Landscape: A Comprehensive Analysis” (2023) by the United Nations Office on Drugs and Crime (UNODC). SymphonyAI and TCS are arming financial institutions with responsible AI technologies that enable early detection of financial crime risks and patterns and enabling companies to effectively shut down emerging threats and prevent the crimes from occurring. SymphonyAI’s financial crime prevention offerings, including the SymphonyAI Sensa Copilot and the Sensa Investigation Hub, combine predictive and generative AI for industry-leading end-to-end financial crime investigation and risk management technology.
The alliance combines SymphonyAI’s technology with TCS’ services and expands the availability of predictive and generative AI capabilities for financial services organizations globally. These include consulting, analytics, transformation and technology solutions, platform solutions, and change management services. TCS continuously invests in financial crime and compliance-focused research to combat financial crime, enhance associated market compliance, and minimize financial and reputational risks.
Also Read: Precisely Drives Confidence in AI-ready Data at the 2024 Gartner Data & Analytics Summit
“The rapid evolution of AI-based technologies gives bad actors increasingly sophisticated tools for hard-to-detect transgressions including money laundering and sanctions evasion. To counter these threats with speed and effectiveness, financial services institutions need highly evolved capabilities including generative AI,” said Susheel Vasudevan, President of Banking, Financial Services and Insurance Group – Americas, TCS. “TCS’ in-depth domain, technology expertise and global scale combined with SymphonyAI’s state-of-the-art AI technology will enable financial institutions to more effectively and accurately predict, detect, and prevent financial crime.”
“The TCS and SymphonyAI partnership enables our growing financial crime solutions market to accelerate and scale worldwide and underscores our commitment to responsible AI that ensures our advances are employed ethically and effectively to transform the efficacy of financial crime prevention,” said Mike Foster, president and CEO of SymphonyAI’s Sensa-NetReveal division. “It’s an exciting alliance that will deliver top-tier solutions reliably and scalably for radically improved financial crime prevention and compliance results.”
Kumar Abhimanyu, SymphonyAI senior VP and global head of strategic partnerships, said, “Our collaboration with TCS is a prime example of how the fusion of SymphonyAI’s advanced generative AI products with TCS’s system integration services can revolutionize industry solutions. By marrying our industry-specific AI technologies with TCS’ proven capabilities, we’re crafting powerful, sector-specific solutions. This partnership is about more than just meeting the current needs of finance; it’s about innovating and setting new standards in AI-powered holistic digital transformation.”
SOURCE: BusinessWire