HSBC has selected big data specialists Quantexa to support the bank in combatting money laundering, following a successful pilot.

The bank will integrate Quantexa’s technology into its systems later this year, enabling HSBC to spot potential money laundering activity through analysing internal, publicly available, and transactional data within a customer’s wider network.

The deployment of the technology follows a pilot of the software with HSBC in 2017. The two companies will work together to ensure the bank fulfils its regulatory responsibilities and provide better understanding of the overall risk.

Ray O’Brien, HSBC’s global risk COO and head of global risk analytics, said: “HSBC is continuously looking for ways to build on our existing capabilities to detect and prevent financial crime. Following our investment in Quantexa, we are looking forward to working closely with the company to utilise its technologies as we become more intelligence led in our approach to financial crime risk management.”

Vishal Marria, CEO of Quantexa, added: “We are honoured to be working with HSBC in their mission to combat money laundering. Our market-leading technologies will be supporting the bank to join the dots of all their data to give a broader understanding of their customers and transactions across the globe. Through a better understanding, HSBC will be better equipped in their fight against financial crime.”

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