Knights Analytics specializes in combining graph analytics and AI for connecting data, helping businesses extract valuable insights from large and siloed datasets. By integrating Knights Analytics’ expertise, Lucinity’s customers can now consolidate, standardize, and reconcile their data within Lucinity’s unified Case Management system. This is especially important as financial institutions report that poor data quality is a significant barrier to effective financial crime prevention.

The partnership will also create new opportunities for Generative AI capabilities and automations, including on the fly entity resolution, network analysis, and automated data extraction from documents. Users can interact with their data through Lucinity’s GenAI copilot, Luci, which provides actionable insights in an intuitive format. All of the recommendations provided by Luci are fully explainable, with human vs. AI actions recorded in an audit log.

Commenting on the partnership, Guðmundur Kristjánsson (GK), CEO of Lucinity, said, “Partnering with Knights Analytics will take the Luci AI copilot to the next level by enhancing data accuracy, reducing manual analysis, and increasing the reliability of financial crime investigations through advanced data linkage and profile analysis. This integration will unlock new use cases like on-demand entity resolution, enabling AI-driven automations and insights to streamline case investigations.”

Alex Ridden, CEO of Knights Analytics, added, “We are thrilled to simplify the ability to integrate more data within Lucinity’s platform. Combining our data matching and entity resolution solutions with Lucinity ensures financial institutions make the most of their data. Financial institutions these days are sitting on a wealth of information that they don’t utilize effectively.”

This partnership marks a significant step in fighting financial crime, using advanced AI to improve data and analysis, ultimately boosting productivity and efficiency in financial crime compliance.

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“Working closely with Avalara will enable us to remove unnecessary friction and inefficiencies in tax compliance by automating tax processes for our joint customers,” said Rondy Ng, EVP of Applications Development at Oracle. “With Oracle Cloud ERP, organizations can embrace automation and continuous innovation to increase productivity, reduce costs, and improve controls.”

Jayme Fishman, EVP and GM of Indirect Tax at Avalara, added, “Avalara aspires to be part of every transaction in the world with our global compliance platform. We’re getting there more rapidly thanks to collaborators like Oracle who are integrating our solutions to simplify the most complex processes of every sale or purchase transaction — calculating taxes and filing the returns.”

With Avalara embedded in Oracle Cloud ERP, manual indirect tax setup, configuration, calculations, and complexities from every transaction are removed — saving businesses valuable time and lowering their overall risk of calculating taxes incorrectly or filing the wrong returns. Additional benefits include:

• Integrated compliance services: With Oracle Cloud ERP, customers can integrate core parts of the Avalara offering within hours, reducing implementation time by weeks. Fully automated tax compliance management leverages up-to-date tax content for more than 900,000 tax rules across more than 30,000 tax jurisdictions to maximize accuracy of tax calculations. In addition, a single dashboard enables simple and efficient tax return preparation and filing.
• Access to end-to-end compliance services: A single Oracle Cloud ERP integration provides access to critical compliance capabilities, like tax calculations and reporting. Customers will also have access to additional compliance solutions, including exemption certificate management, business licensing, cross-border compliance, e-invoicing, and more. This allows businesses to easily scale their automation to address new and expanded compliance obligations.
• Tax solutions powered by intelligent automation: The Oracle Cloud ERP integration gives customers seamless access to Avalara’s artificial intelligence-powered compliance solutions to enhance the product experience and streamline tax management. Today, Avalara leverages AI to enable customers to automatically detect and extract data from exemption certificates, automate mappings of Harmonized System (HS) and tax codes, and more.

Avalara and Oracle have collaborated since 2013 to alleviate the burden of tax compliance and to support growing businesses by automating mandatory regulatory requirements.

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NICE Actimize’s SURVEIL-X, the industry’s comprehensive holistic conduct surveillance suite, includes solutions for markets surveillance, trade surveillance, communications monitoring, sales practices and suitability, conflicts of interest, and behavioral monitoring, among its leading offerings. The complete surveillance coverage includes more than 150 out of the box models, addresses 25 asset classes, and monitors nine communications types, helping hundreds of customers.

Recently NICE Actimize launched its breakthrough Compliancentral, a cloud-based, end-to-end communications monitoring and trade compliance platform for financial services firms. Compliancentral unifies communications capture, archiving, and surveillance into a single, robust cloud compliance platform, thereby reducing regulatory risk and dramatically lowering compliance costs.

Wanda Rich, Editor, Global Banking & Finance Review, said, “NICE Actimize has demonstrated continued excellence in advancing trade surveillance capabilities by leveraging innovation and agility only possible through advanced artificial intelligence and strengths in the cloud. Our judges and editorial team congratulate NICE Actimize for its outstanding contributions to innovative surveillance solutions addressing complex compliance requirements across four major global markets.”

“NICE Actimize was the first to offer true AI-powered, comprehensive holistic trade surveillance,” said Chris Wooten, EVP Vertical Markets, NICE. “SURVEIL-X helps compliance managers see more clearly what was done and what was said – by gaining insights from market movements, market events, trading patterns, and correlating it with news, communication data, HR data, compensation information, and more. We’re honored that Global Banking and Finance Review recognized our team’s hard work and innovation as we continue to support our customer’s biggest compliance challenges.”

The 2023 Global Banking & Finance Awards® recognitions included the following winning categories for NICE Actimize: Most Innovative Trade Surveillance Solution North America 2023; Most Innovative Trade Surveillance Solution EMEA 2023; Most Innovative Trade Surveillance Solution APAC 2023; and most innovative Trade Surveillance Solution LATAM 2023.

NICE Actimize has an extensive library of webinars on playback that address key issues in surveillance including, “How to Take Your Market Abuse Program to The Next Level;” “Building a Successful Trade and Communication Compliance Program;” and “AI and the Future of Conduct Surveillance: The Path to Better Detection.”

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CapZone Analytics, the leading national provider of compliance and risk management technology solutions for the $180 billion Opportunity Zone (OZ) market, has announced Release 1.0 of its Compliance Platform. The release marks a major stride in CapZone Analytics’ quest to help Qualified Opportunity Funds (QOFs) and their investors navigate the complex IRS and SEC compliance requirements of the OZ program.

“Our clients have asked us to keep our foot on the gas pedal, and that’s exactly what we’ve done,” said Jonathan Ewert, CEO of CapZone Analytics. “Smart QOFs are preparing for a rapidly evolving regulatory environment, where timely analysis and accurate reporting are just as important as they are in every other financial sector.”

Ewert continued, “Before rigorous transparency and impact reporting standards were in place, QOFs invested $180 billion, largely from Family Offices. With new legislation proposed recently, and a technology solution to manage the vast data and sophisticated analytics associated with the Opportunity Zone law, large corporations and capital allocators will have the confidence to make new investments in large scale infrastructure and businesses that create job growth and income growth in all 50 states and 16 U.S. territories.”

The cornerstone of the new automated reporting capability is the CapZone Report, which establishes and maintains direct linkages between OZ regulations, a QOFs portfolio company operations, and the data and documentation required to establish and maintain compliance for the full investment period. CapZone Analytics has mapped nearly 200 discrete rules for partnership investment structures alone, with each rule requiring between three and seven data points that combine to establish a compliance profile for the Fund and its investments. The platform automates the delivery of an at-a-glance view across all entities within a Fund using the most recent operational data.

“The moment we delivered the first CapZone Reports, our clients requested help identifying and prioritizing the compliance issues that surfaced,” recalled Landon Johnson, Chief Marketing Officer of CapZone Analytics.

Johnson added, “Most issues were driven by portfolio company operations and beyond the control of the Qualified Funds and their investors, who are accountable for accurate reporting to the SEC and the IRS. In response, we developed the OZ Risk Register, a tool designed for Fund Managers to prioritize compliance issues and communicate effectively to stakeholders inside and outside their organizations.”

The OZ Risk Register systematically assesses the likelihood that a risk will occur, and estimates the financial impact if it does occur, guiding Fund Managers to allocate resources wisely. “We want to help Fund Managers work better and smarter—this is a big step in that direction,” Johnson concluded.

“Technology is the only way a Fund Manager can handle this volume of financial and operational data, refreshing monthly, with any degree of accuracy and confidence,” said Mark Herschberg, Acting Chief Technology Officer of CapZone Analytics. “Release 1.0 is an important launchpad for the expansion of our platform. We have significantly scaled the number and complexity of reports for fund managers, which will help them stay ahead of the evolving regulatory landscape. Now, we can now turn our attention to enhanced analytics and automated data ingestion for client Funds and QOZBs,” Herschberg added.

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Focusing on the financial services industry’s ongoing commitment to technology-driven innovation by recognizing outstanding recent and sustained achievements, the NOVA Award winners were the result of TabbFORUM research, with consideration given to nominations and recommendations solicited from the community. Those companies and institutions named a TabbFORUM NOVA finalist were measured on the role of innovation, as well as industry impact and leadership.

In its announcement, TabbFORUM noted, “Combining financial services industry expertise and relationships with artificial intelligence and other advanced technologies, NICE Actimize claims a leading position across financial markets compliance, trade surveillance and anti-money laundering – and in those and adjacent segments individually.“

“NICE Actimize continues its commitment to the capital markets by offering advanced technologies in artificial intelligence and high performing cloud-based solutions that take financial institutions into the digital future,” said Craig Costigan, CEO, NICE Actimize, “We are honored that TabbFORUM recognizes our innovative financial crime and compliance solutions that address the challenges of the capital markets and its financial institutions.”

Among NICE Actimize’s recent innovations is Compliancentral, the industry’s first cloud-based, end-to-end communications and trade compliance platform. And with its AI-powered SURVEIL-X Holistic Conduct and Trade Surveillance solution, NICE Actimize brings next level surveillance and risk detection capabilities at scalability, with even better detection coverage, reduced false positives, and the ability to monitor unified communications.

NICE Actimize combines deep industry expertise and a patented technology platform to quickly enable global businesses to increase their insight into real-time customer behavior and improve risk and compliance performance. NICE Actimize provides enterprise risk management solutions to banks, insurance companies, payment companies, and government entities around the world.

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