Xapien recognised as leading enterprise KYC solution by Chartis

We’re thrilled to announce that Chartis has recognised Xapien as a leading enterprise KYC solution for 2023, earning a place on the Chartis RiskTech Quadrant®. 

In today’s evolving financial landscape, KYC and AML compliance are crucial for both financial institutions and corporations. The RiskTech Quadrant® maps the current market structure, positioning Xapien as a top enterprise solution.

Advanced capabilities across the board

Xapien’s reporting and dashboard, KYC risk scoring, customer profile enrichment with additional data, and customer onboarding and maintenance were all rated as having advanced capabilities.

‘A key strength of Xapien’s solution is its ability to combine data using proprietary analytics to provide unique counterparty information. The flexibility of its solution has led to strong growth across a variety of institutions, from law firms to big corporations – a fact reflected in Xapien’s position in Chartis’ KYC Solutions quadrant.’ 

Ahmad Kataf, Senior Research Specialist at Chartis

According to Chartis, enterprise solutions are supported by comprehensive infrastructure and service capabilities, offering best-in-class technology delivery. These solutions integrate risk management content, data, and software, serving as a unified ‘one stop shop’.

Larger clients are drawn to the openness and flexibility of the technology infrastructure, as well as the ‘toolkit’ approach to risk analytics and reporting.

Best-in-class for reporting & dashboarding

The Chartis report highlighted the emerging use of generative AI in KYC processes, particularly for report generation and analysing adverse media. 

Xapien, recognised as best-in-class for reporting and dashboarding, leverages generative AI to summarise its findings into human-like written reports. This ensures an intuitive presentation, enhancing the quality of reporting and decision-making.

The Chartis report also acknowledges the need for careful implementation and thorough error-checking. Xapien has developed proprietary technologies to counter hallucinogenic tendencies found in generative AI. These non-generative technologies are rooted in deep Natural Language Processing (NLP), creating a protective layer around Xapien’s interaction with Large Language Models (LLMs) to ensure high-quality, accurate reports.

Unique counterparty information

When a name is entered into Xapien, it finds all relevant events, sentiments, and personas to construct a ‘knowledge graph’. This is an extensive and intricate portrayal of the individual or organisation and their web of associations. The outcome is identical to what a human researcher would produce… but in 10 minutes.

Xapien has the capability to associate facts with individuals and businesses, revealing their involvement in events, the locations of these events, and the other parties involved. 

Whether these events are employment changes, investments, takeovers, or even personal milestones like marriages, Xapien uncovers all the information you need to understand your subject and its motivations.

Flexibility of solution

Xapien delivers swift and user-friendly insights that facilitate Enhanced Due Diligence (EDD). This empowers small, large, and geographically dispersed teams to access identical information, ensuring a shared and consistent approach to due diligence

Xapien’s findings are now compiled into fully-sourced, summarised reports that colleagues, committees, regulators, and third parties can easily share. 

To generate a summarised research report, Xapien runs hundreds of queries against its knowledge graph, asking all the questions users need the answers to, usually asking the question in lots of different ways.  

For example, imagine you want to find a subject’s source of wealth, which is essential to Enhanced Due Diligence (EDD).  Xapien’s vectors and linkages provide a set of relevant insights related to a subject’s Source of Wealth. It then uses a Large Language Model (LLM) as part of a wider ‘generative’ layer to summarise those insights into concise paragraphs.

Chartis RiskTech100 2024 Awards

In addition to the Chartis RiskTech Quadrant® 2023, Xapien has made its debut in the Chartis RiskTech100 2024, which ranks the world’s 100 most important players in risk and compliance technology. This additional recognition by Chartis signals the future of AI and its capabilities in KYC and AML processes.

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