NEWS PROVIDED BY
May 14, 2020, 08:00 ET
AUSTIN, Texas, May 14, 2020 /PRNewswire/ —SparkCognition, a leading industrial artificial intelligence (AI) company, is pleased to announce that Japanese AI and Fintech company, MILIZE Co., Ltd. will offer Japanese financial institutions fraud detection and anti-money laundering solutions. These solutions will be built using the automated machine learning software of SparkCognition.
With the enormous increase of online payment, internet banking, and QR code payments, illegal use of credit cards is on the rise. However, there are not many Japanese companies that have introduced advanced solutions for fraud detection that currently exist internationally. In addition, financial authorities and institutions around the world are expected to report strengthened measures against money laundering in August 2020. As a result, taking these steps against money laundering has become an urgent management issue in Japanese financial institutions.
At one credit card company in South America, the ratio of fraudulent use to the total transactions reached about 20%, which reduced the profitability of the business. Therefore the company introduced a fraudulent transaction detection system that utilizes the AI technology of SparkCognition, which has extensive experience working with financial service clients. Though the credit card company did not have a team of data scientists, due to the ease with which analysts on staff were able to apply SparkCognition technology, accurate machine learning models were developed, tested, and operationalized within a few short weeks. As a result, it is now possible to detect fraudulent transactions with about 90% accuracy, which has led to a significant improvement in the credit card company’s profitability.
Based on SparkCognition’s international success in fielding machine learning systems in financial services, MILIZE will offer a fraud detection and anti-money laundering solution, built with SparkCognition AI technology, along with consulting services, development and operational assistance to local credit card companies, banks and other financial institutions. By submitting transaction data to a MILIZE-operated cloud service, financial institutions will be able to detect suspicious transactions without making large-scale investments in self-hosted infrastructure.
MILIZE makes full use of quantitative techniques, fintech, AI, and big data, and provides a large number of operational support solutions such as risk management, performance forecast, stock price forecast, and more, to a wide range of financial institutions. SparkCognition is a leading company in the field of artificial intelligence and provides AI solutions to companies and government agencies around the world.
To learn more about SparkCognition, visit www.sparkcognition.com.
With award-winning machine learning technology, a multinational footprint, and expert teams focused on defense, IIoT, and finance, SparkCognition builds artificial intelligence systems to advance the most important interests of society. Our customers are trusted with protecting and advancing lives, infrastructure, and financial systems across the globe. They turn to SparkCognition to help them analyze complex data, empower decision-making, and transform human and industrial productivity. With our leading-edge artificial intelligence platforms, our clients can adapt to a rapidly changing digital landscape and accelerate their business strategies. Learn more about SparkCognition’s AI applications and why we’ve been featured in CNBC’s 2017 Disruptor 50, and recognized three years in a row on CB Insights AI 100, by visiting www.sparkcognition.com.
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Originally published on PR Newswire.