Pure-play financial transaction insight engine

The challenges we face

Digitally executed financial transactions are the lifeblood of global economy, both in the industrialized and developing world. Financial institutions are responsible for monitoring the transactions they process to stop illicit financial flows. Yet, Financial institutions are currently set up with fragmented transaction monitoring engines and there is no single source of truth about the existence, status, and compliance of a transaction. Preventing illicit financial flows without the right transaction tracking and tracing is becoming increasingly challenging with growing transaction flows and more data-intensive regulatory requirements. Current manual, home-brewed AML processes have severe shortcomings, are labor intense and put a strain on the safety and efficiency of financial institutions.

What is the outcome?

Intix’ offers a single platform unifying a diversity of data sources, data formats and asset classes into a single window, providing its customers superior tools to stop illicit financial flows. Intix customers can have end-to-end transparency in their financial transactions, and save time and manual labor, overall reducing their time-to-compliance. Intix allows its customers real-time surveillance and alerting of transactions, enabling them to act on suspicious transactions real-time. The solution ensures superior data reliability compared to current manual set-ups, removes human error, and catches issues as they arise.

Who are the stakeholders?

Intix impacts societies through its role in improving the financial crime prevention infrastructure available to banks and financial institutions. Intix’s platform enables more efficient and thorough transaction monitoring, making sure real suspicious transactions and illicit financial flows get caught in real-time. Intix currently serves ~40 banks across the world, both in developed and developing countries. Intix also serves a securities depository and a clearing house in Africa, helping support financial inclusion and security in an area with elevated risks for financial crime, corruption, and financial inequality.

How big is the effect, and does it last?

Intix serves over 40 financial institutions across the world, and 40m-150m transactions per customer instruction are processed on its platform every day. By being able to monitor 100% of transactions in near real time, Intix has a significant effect on the overall security of the global financial system.

If Intix didn’t exist...

If Intix or a similar product did not exist, operational transaction management, AML and KYC processes would have to rely on disparate data sources prone to human error and data entry issues, increasing costs and time required for regulatory compliance. Furthermore, most AML systems only have the capacity to focus on high-value transactions as they pose the biggest risk, but in the ever-evolving landscape of financial crime, monitoring also low value transactions has become essential and is now a regulatory requirement in many domiciles. Without Intix’s solutions, banks face a substantial challenge to tackle the threats from low-value payments.

Impact risk: what can go wrong?

If Intix’s platform faces downtime, customers will have difficulties in monitoring transactions during that time, and it may have an adverse effect on preventing financial crime. Furthermore, if Intix is unable to scale its operations in developing countries, the areas with the most severe issues with financial inequality and corruption, the company may not achieve its full impact.