Business
Tech Mahindra and Discai to Deliver AI-Powered Anti-Money Laundering Solution for Global Financial Institutions
Published
6 days agoon
Pune – September 12th 2024: Tech Mahindra (NSE: TECHM), a leading global provider of technology consulting and digital solutions to enterprises across industries, announced a strategic partnership with Discai, a BankTech company and 100% subsidiary of the KBC Group. The partnership will deliver a comprehensive, AI-powered Anti-Money Laundering (AML) solution that is developed, tested and validated to enhance transaction monitoring and ensure regulatory compliance for financial institutions.
The partnership combines Tech Mahindra’s extensive IT integration experience with Discai’s state-of-the-art Artificial Intelligence (AI) and rule-based AML technology to offer financial institutions a reliable, compliant, and seamlessly integrated AML solution. The solution’s dual focus on AI and rule-based transaction monitoring (KYT AML – Know Your Transaction Anti-Money Laundering) will enable financial institutions to effectively prevent and detect financial crime. It will also help enterprises adhere to regulatory framework compliance.
Harshul Asnani, President and Head – Europe Business, Tech Mahindra, said, “As the financial industry continues to navigate complex regulatory environments and sophisticated security challenges, offering them a strategic advantage is critical to strengthening their compliance capabilities. In response, Tech Mahindra has partnered with Discai to revolutionize anti-money laundering processes, offering customers unparalleled efficiency and security to help them Scale at Speed™.”
Tech Mahindra and Discai will provide customers with a comprehensive solution addressing the need for efficient and effective financial crime prevention. The modular solution will combine AI-driven technology with a robust rule-based engine, ensuring full compliance with regulatory standards while integrating seamlessly with existing systems. Additionally, Tech Mahindra will enhance the operational efficiency of financial institutions by reducing the risks associated with complex IT integrations.
Fabrice Deprez, CEO, Discai, said, “We are excited to partner with Tech Mahindra to extend our advanced AML solutions to a broader market. Powered by the expertise of KBC Bank Group, our AI-driven and rule-based technology, combined with Tech Mahindra’s proven IT integration skills, ensures that financial institutions can effectively combat financial crime while fully adhering to stringent regulatory requirements.”
For over two decades, Tech Mahindra has supported financial institutions with core transaction processing, automation, and digital transformation. The business has successfully delivered over 500 programs across over 300+ financial institutions across five continents, including complex, multi-year bespoke transformation programs with Fortune 500 banks.
