iGTB and OutsideIQ Partner to Deliver Cognitive Computing Due Diligence

  • New solution significantly strengthens and simplifies “Know Your Customer” processes

London(UK), Chennai(India), New York(US) and Toronto(Canada): Intellect Design Arena Limited’s iGTB division, the world’s first comprehensive global transaction banking solution, announced today its partnership with OutsideIQ, the cognitive computing technology company, to deliver DDIQ: the most advanced due diligence screening tool for compliance.

“OutsideIQ’s DDIQ system has been designed to simultaneously strengthen and simplify the otherwise expensive, time-consuming and labour-intensive process of due diligence,” said Dan Adamson, CEO of OutsideIQ. “Capable of producing complete profiles of corporations and individual subjects in mere minutes, the solution combines the speed and efficiency of automated data discovery with the data interpretation skills of a human researcher.”


 Incorporates cognitive computing and natural-language processing to create an adverse media search that is contextual and subject aware
 Addresses the challenge of false positives while simultaneously reducing the cost and time burdens associated with manually searched information
 Conducts the most comprehensive search available, with underlying sources ranging from regulatory databases and watch-lists to sanctions lists, politically-exposed person (PEP) lists, legal databases, the open web and premium structured content
 Flags potential high-risk suspects with discovered adverse media before that person or entity appears on official watch-lists
 Prepares auditable reports that can be re-run on a periodic basis without the need to re-assess previously reported data
 Significantly enhances KYC and due-diligence capabilities while allowing compliance professionals to focus their time elsewhere

“DDIQ’s ability to combine automation with humanlike interpretation is a godsend for banks, and in turn the security and stability of the underlying economy. Due diligence can no longer be restricted to conventional watch-lists, and must include unstructured sources, such as open and deep web searches, to accurately identify high-risk clients,” said Manish Maakan, CEO, iGTB. “This presents banks with a huge challenge, as the manpower required to understand and assess such information is truly enormous, yet the punishment for not doing so is even more significant. This partnership between Intellect and OutsideIQ will help solve this challenge.” 

With the cost of breaking sanctions estimated at US$12 billion, financial institutions have been caught between the physical impossibility of manually tracking adverse-media results, and the limitations, false positives and out-of-context “noise” of automated due diligence.

In 2014, one large bank spent nearly US$1 billion on managing regulatory requirements, while another has added 5,000 people to its compliance team over the last three years, in the wake of a US$1.9 billion fine for not following AML reporting and prevention regulations. Intellect has a rich portfolio of risk management solutions, which includes Client Onboarding, Origination, Enterprise Limits, AML Transaction Monitoring and Exception Management. DDIQ technology can be integrated with Intellect’s solutions to deliver an enhanced transaction banking experience. iGTB, the global transaction banking arm of Intellect, will leverage its expertise in Liquidity, Supply Chain & Trade, Payments & Cash Management and Commercial Risk to deliver an advanced screening solution in collaboration with OutsideIQ.

Most recent episodes

Future Monetary Policy Path Sets Markets Against Central Banks

Welcome to the latest edition of Liquidity Link Live, your exclusive market analysis provided by Northern Trust Asset Management.


Podcast - Journeys to Treasury Deep-Dive: Cash Flow Hedge Accounting at JT Group

Listen to this audible case study, which provides a lens over the details of a recent cash flow hedge accounting project undertaking by the JT Group treasury team.


Podcast - Innovation as an Enabler: Sustaining Global Trade Finance in Uncertain Times

J.P. Morgan's Bayo Osolake, who joins Eleanor Hill (TMI) to discuss how treasurers can facilitate global trade in the currently turbulent macroeconomic environment.


Relative Normality On Horizon — But Divergent Monetary Policy Pathways Likely

Welcome to the latest edition of Liquidity Link Live, your exclusive market analysis provided by Northern Trust Asset Management.


Audio TMI - MMF Reform Proposals Threaten LVNAV Viability for European Treasurers

Proposed MMF changes currently being debated at European Commission level endanger the utility of one of the most popular forms of MMF used by corporate investors across the continent.

Audio TMI - Special FX

Two experts from NatWest share the inside track on how treasurers can better manage FX risks by shaking up legacy processes and old-fashioned thinking, improving data coll...


Audio TMI - Roadmap Towards a First-Class Group Treasury

As the perennial debate continues around the pros and cons of a centralised tre...


Audio TMI - How Etihad Covered all Three ESG Elements in One Sustainability-Linked Financing

Etihad Airways recently raised US$1.2bn in the first sustainability-linked loan in global aviation with terms that relate to all three areas of ESG.


Reducing Friction in International Payments: Five Steps for Treasury Teams

What are the steps that treasury teams can take to remove roadblocks in processing international payments? Daniela Eder, Gibran Maqsood, and Karsten Becker (Barclays) to answer this question.


Keeping the Plates Spinning: the Art of Treasury Project Management

Sandra Shen (Actualize Consulting) joins TMI's Tom Alford to offer professional insight into what defines successful treasury project management.