Home > News > featured news > NetReveal® Acquisition by SymphonyAI Launches a New Leader in Financial Crime Prevention Solutions Market

FINANCIAL MANAGEMENT

NetReveal® Acquisition by SymphonyAI Launches a New Leader in Financial Crime Prevention Solutions Market

SymphonyAI | October 31, 2022 | Read time : 03:00 min

SymphonyAI, a leader in high-value enterprise AI SaaS for strategic industries, announced today the close of its acquisition of financial crime detection leader NetReveal from BAE Systems. The deal was first announced in July 2021.

NetReveal, which is now SymphonyAI NetReveal, brings SymphonyAI its extensive experience and portfolio to fight financial crime across a large customer base. NetReveal is being added to SymphonyAI's finance vertical, joining SymphonyAI Sensa to accelerate innovation for transformative, next-generation AI-based capabilities for financial crime detection.

Already, the NetReveal and SymphonyAI Sensa teams have taken a step to reinvent anti-financial crime management with the launch of the NetReveal-Sensa Suite, announced Oct 11. The new solution is a 'no compromise' transaction and behavior monitoring offering that uniquely combines AI detection with intelligent alert management.

"We're pleased to officially count NetReveal's world-class platform as part of our portfolio of solutions, deepening our ability to deliver effective crime fighting capabilities to the financial sector and to ease the burden on risk departments, NetReveal's industry-leading anti-money laundering and payment fraud detection capabilities will be further enhanced with AI capabilities and analytics that better uncover anomalous activity, significantly reduce false positives, and more effectively help customers control costs. We're excited to welcome the NetReveal team to SymphonyAI."

- SymphonyAI CEO Sanjay Dhawan

Financial institutions are facing a rapidly changing environment for financial crime and risk monitoring, and a dynamic regulatory one, As a leader in this space, it's been consistently important that NetReveal grows to meet, and exceed, these changing demands for our customers. Joining SymphonyAI materially accelerates that growth and innovation. We're very pleased to be a part of SymphonyAI, said Mike Foster, president and CEO of SymphonyAI NetReveal.

SymphonyAI NetReveal brings over 20 years of industry expertise and 200 of the world's leading financial institutions, including top 100 global banks, as customers. The company has been widely recognized by expert industry analysts for its risk technology and enterprise fraud detection solutions, including its recent listing by Chartis as a 2022 Category Leader in the RiskTech Quadrants® for Sanctions Screening and Transaction Monitoring Solutions.

About SymphonyAI NetReveal
SymphonyAI NetReveal, part of the SymphonyAI finance vertical, provides financial crime, risk management, and fraud detection and prevention across banking, financial markets, and insurance via a single platform. The platform is adaptable to the evolving and heterogeneous nature of the financial services sector; to deliver power and flexibility in analytics, investigation, integration, security, and total cost of ownership reduction.

About SymphonyAI
SymphonyAI is building the leading enterprise AI SaaS company for digital transformation across the most critical and resilient growth industries, including retail, consumer packaged goods, finance, manufacturing, media, IT/enterprise service management, and the public sector. SymphonyAI has many leading enterprise customers in each of these industries. Since its founding in 2017, SymphonyAI has grown rapidly, approaching 2,000 talented leaders, data scientists, and other professionals. SymphonyAI is a SAIGroup company, backed by a $1 billion commitment from successful entrepreneur and philanthropist Dr. Romesh Wadhwani.

Spotlight

Why Nonprofits Need Nonprofit Accounting Software

Accounting systems tailored to the nonprofit business model save resources and increase accuracy. With an increased focus on donor intent and accountability, the finance team must anticipate problems and suggest solutions, articulate timely financial results, and provide leadership in a dynamic nonprofit marketplace. Traditional

More featured news

Spotlight

Why Nonprofits Need Nonprofit Accounting Software

Related News

PAYMENTS, FINTECH

Marqeta Announces Acquisition Agreement with Power Finance, Inc

Marqeta | January 31, 2023

On January 30, 2023, Marqeta, the world's leading modern card issuing platform, announced that it reached an agreement to acquire Power Finance, Inc. ('Power'), a provider of software for managing credit card programs. The transaction is anticipated to close in the first quarter of 2023, subject to the fulfillment of customary closing conditions. Simon Khalaf, the newly-appointed CEO at Marqeta, expressed, "We're thrilled to welcome the Power team and product to Marqeta. We already see considerable demand for differentiated credit products from companies looking to innovate in this space who are held back by the constraints of legacy technology." He added, "We thoroughly examined possible acquisitions to more quickly establish Marqeta's leadership in the modern credit space. It became clear to us that Power would strengthen Marqeta's platform with a best-in-class tech stack for credit card program management." (Source – Business Wire) Meanwhile, Randy Fernando, CEO of Power Finance, will now oversee the product management of Marqeta's credit card platform as part of this deal. The merging of Marqeta and Power platforms will enable the former's customers to create customized credit solutions that meet the changing needs of consumers and businesses. Both organizations were founded on these product ideas to meet developers' current and scalable needs. This arrangement allows Marqeta customers to introduce many credit products and structures, including Power's data science toolbox and Marqeta's rewards innovations. The company intends to swiftly improve its credit offering after acquiring Power. Randy Fernando, Co-Founder and CEO at Power Finance, stated, "Companies like ours were made possible because of the path Marqeta blazed in modern card issuing, demonstrating the possibilities in payments with flexible and modern payment infrastructure." He added, "At Power, we built a full-stack, cloud-native credit card issuance platform, and by becoming a part of Marqeta we have the ability now to bring this innovation to a much larger market at global scale." (Source – Business Wire) Subject to customary adjustments, the purchase price comprises $223 million in cash, of which about one-third is due over two years, subject to certain conditions, while $52 million is subject to a 12-month milestone. About Marqeta With the first open API platform, Marqeta makes issuing cards and processing payments lightning-fast and efficient. The company's platform was designed to facilitate a novel payment experience across a wide range of apps and services that are used regularly. Currently, it employs more than 800 people in the United States, the United Kingdom, Europe, Canada, and Asia-Pacific. Its products are used by industry leaders in digital banking, lending, e-commerce, on-demand services, and more. The company has broad agreements with banks and card networks like Visa, Mastercard, and Discover.

FINANCIAL MANAGEMENT, WEALTH MANAGEMENT

Docupace Chosen for Workflow Automation by Orion Portfolio Solutions

Docupace and Orion Portfolio Solutions | February 20, 2023

One of the leading cloud-based fintech digital operations software companies, Docupace, recently announced its selection by Orion Portfolio Solutions, a transformative technology provider to help advisors grow and thrive as investors. The company selected Docupace to automate workflows for its wealth management platform. The wealth management industry has realized the importance of automating and streamlining processes. In the research conducted by Accenture, it was found that 93% of executives surveyed believed that by 2025, their operations would have increased by 50% thanks to optimized front-to-back process automation across internal and external partners. The Docupace platform provides a standardization and data synchronization engine, intelligent routing, notifications and alerts, configurable digital operations, and pre-built, simplified workflows to streamline and easy to automate compliance and business process. It is an open architecture with a turnkey asset management program (TAMP) that manages $60 billion of wealth management platform assets, as mentioned by America's Best TAMPs in 2023. For eight consecutive years, Orion Portfolio Solutions was recognized as one of America's Best TAMPs. David Knoch, Chief Executive Officer at Docupace, said, "Financial advisors and wealth management providers have worked so hard to deliver exceptional client experiences, that any hiccup in back-office execution impacts both their brand and their reputation." He also said, "It is an exciting opportunity for us to partner with another industry leader to delight financial advisors and their clients." (Source: Cision PR Newswire) About Docupace Docupace is one of the top digital operations technology providers that streamlines firms' process for wealth management and digitizing data, increasing efficiency, productivity, and profits. The company's team offers a suite of digital solutions with a secure, cloud based Docupace Platform that helps RIAs, brokers, management, advisor transactions, Regulation BI, cybersecurity and other critical workflows. Based in Los Angeles, California, it serves enterprises from the financial service industry, including some of the leading companies with the combination of proven technology and hands-on service. About Orion Portfolio Solutions Orion is a leading provider of a technology-enabled wealth management process that transforms the advisor-client relationship by allowing financial advisors to Prospect, Invest, Plan, and Achieve in a single, connected, technology-driven experience. The company entities, Orion Portfolio Solutions, Orion Advisor Tech, Brinker Capital Investments, Redtail Technology, and TownSquare Capital, create a comprehensive offering that empowers firms to attract new clients without friction, connect goals to investment strategies and outcomes in a more meaningful way, and ultimately track progress towards each investor's unique definition of financial success.

FINANCIAL MANAGEMENT, FINTECH

Nexus FrontierTech's Intelligent Document Processing Now on Temenos

Nexus FrontierTech | March 14, 2023

Nexus FrontierTech, a leading AI and IDP solutions provider, announced on March 13, 2023, that its Financial Services Extraction (FSX) services are now available through the Temenos Exchange ecosystem of integrated fintech solutions. Nexus FrontierTech's FSX solution provides more than 50 unique AI modules, enabling instant advanced processing of various document types like bank statements, financial statements, and identification documents, among others. Clients can get tailored customizations to meet their specific needs. The integration of unstructured data into the company's systems is seamless, significantly improving operational efficiency and staff productivity. With Temenos, deploying FSX is now faster and easier than ever. Temenos Exchange accelerates innovation at scale by providing a pre-integrated and approved ecosystem of fintech solutions that can be quickly deployed on top of Temenos' open platform. This allows banks to speed up the development of new financial services while simultaneously reducing development costs. Martin Bailey, Director of Innovation and Ecosystems, Temenos, stated, "Temenos Exchange acts as an accelerator for fintechs and software developers, helping them develop, validate and monetize new banking solutions. Joining Temenos Exchange means Nexus FrontierTech can write once and sell its solution across a vast banking audience of more than 3,000 clients in 150 countries. Collectively, this community serves the banking needs of 1.2 billion people worldwide." (Source – Cision PR Newswire) Danny Goh, Chief Executive Officer of Nexus FrontierTech, remarked, "Nexus FrontierTech's availability on Temenos Exchange addresses the urgent need for simpler and swifter AI deployment so companies can benefit from operational automation quickly. With our focus on innovation for traditional financial organizations, clients without tech specializations eliminate the risk of falling behind pure Fintech competitors." He further added, "Nexus' participation in Temenos Exchange further extends our commitment to the banking community. We look forward to leveraging the power of the Temenos platform to help our clients achieve their business goals." (Source – Cision PR Newswire) About Nexus FrontierTech Nexus FrontierTech accelerates financial decision-making through modular automation solutions on its proprietary AI engine. Its technology enables the efficient development of structured processes for compliance, risk management, and innovation purposes, providing real-time visibility and traceability to enterprise data. Since 2015, the company has optimized operations for financial and governmental organizations, with three key products focused on ESG analysis, financial modeling, and risk management. Its mission is to drive digital transformation for sustainable value creation.