AACHEN, Germany, Sept. 30, 2019 (GLOBE NEWSWIRE) -- INFORM GmbH and BigML Inc. have agreed to terms on a preferred partner program to further ingrain best practice machine learning algorithms to the daily fight against financial crime with RiskShield.
Both firms have recognized great synergies between their respective technologies and will bring a unique approach to the fight against fraud, money laundering and other financial crimes. Under the agreement, INFORM will be developing and offering access to RiskShield ML, powered by BigML. RiskShield ML serves as an enhancement to the current RiskShield machine learning offering, making model creation easy and accessible to all organizational functions of its customer base. Customers can develop and train their own models, which can be validated and applied in real-time for detecting new modus operandi of financial criminals. INFORM’s proprietary interface to BigML allows for the seamless integration of data regarding, among other things, transaction decisions, which will be used to dynamically train and update the financial crime fighting models. INFORM will also serve as a sales and delivery partner for the standalone BigML platform.
BigML’s promise to bring machine learning to everyone in a beautifully simple environment combined with RiskShield’s powerful decision engine further enables financial institutions to take a hybrid Artificial Intelligence (AI) approach to their fraud and money laundering prevention efforts. On the one hand, users benefit from knowledge-based methods such as mixed logic rule sets, fuzzy logic scorecards, dynamic profiling and blacklists. On the other hand, RiskShield ML, powered by BigML, offers users the ability to take historical transactional data and learn from the decisions using both supervised and unsupervised learning methods.
BigML CEO Francisco J. Martin stated, “We are very excited about this partnership with INFORM. We are looking forward to what we can accomplish together in the multi-billion euro financial crime fighting space and have already identified other application areas for the powerful RiskShield decision engine with its expansive feature engineering capabilities.”
Dr. Andreas Meyer, EVP Risk and Fraud at INFORM, echoed Martin’s excitement about the new partnership and added, “Integrating BigML’s intuitive platform into the existing RiskShield portfolio is a big win for our current customers, prospects and the financial crime fighting industry as a whole. Together with BigML, we are able to deliver the most user friendly, comprehensive Hybrid AI solution on the market. We also see potential for further expansion of the BigML platform across other INFORM customer application areas.”
INFORM and BigML will take the stage together at the upcoming RiskShield International Networking Event on November 28 and 29 to present their new joint solution.
About BigML
BigML (https://bigml.com/) was founded in 2011 with the mission of making Machine Learning beautifully simple for everyone. As pioneers of the Machine Learning-as-a-Service (MLaaS) market, BigML has built the leading Machine Learning platform that is being used by more than 100,000 analysts, developers, and scientists in 160 countries.
About INFORM GmbH
INFORM GmbH is a global company in advanced optimization software systems and a leader in providing intelligent, customer-centric fraud prevention and AML compliance solutions. With RiskShield we offer a multi-channel platform that detects and manages suspicious activities, minimizing losses and optimizing efficiencies using advanced analytics, machine learning and intuitive rule management controls. RiskShield provides a robust solution with proven fraud detection results that are reliable, fast and responsive. More than 1,000 companies worldwide benefit from using advanced optimization software systems by INFORM in industries such as financial services, insurance, health care, transport logistics, airport resource management and production planning. INFORM employs over 750 staff from more than 40 countries.
www.riskshield.com | video: http://bit.do/riskshield_video
Contact INFORM
About RiskShield:
Stanley Harmsen van der Vliet
Phone: +49 2408 9456 5000
Mail: s.harmsenvandervliet@inform-software.com
About INFORM:
Sabine Walter
Corporate Communications
Phone: +49 2408-9456-1233
Mail: Sabine.Walter@inform-software.com
Media Contact:
Valerie Harding
Ripple Effect Communications
Phone: 617-536-8887
Mail: valerie@rippleeffectpr.com