Hatstand partners with Sqreem to leverage statistical (machine) learning in the fight against financial crime

Global financial services consultancy and capital market specialist Hatstand, a Synechron company, announced that it has established a strategic partnership with Sqreem, a pattern detection and predictive analysis software firm, to jointly provide solutions for use with financial crime.

Financial firms will benefit from a next generation surveillance platform that uses statistical (machine) learning and big data mining to help protect assets, client accounts and data from financial crime.

Sqreem’s technology allows firms to protect against financial crime through algorithms that can detect anomalies in patterns that can identify illicit behaviour and even predict future behaviour. Firms can then react in real or near-real time to the threat and proactively put defences in place. The solution offers instant scaling across multiple hardware resource environments (cloud), and can connect data from any source. The solution can be used to detect a wide variety of financial crimes including: cyber fraud, money laundering, terrorist financing, rogue trading, bribery, corruption and market abuse.

Hatstand is a leading consultancy that works closely with capital markets institutions around the world on the most pressing business issues, including financial crime.Hatstand with Synechron will deliver the sales, implementation and client support around Sqreem’s software, working with firms to define the datasets to include, test and integrate the system, as well as train users. It will also help customise reporting or dashboards to reflect individual organisational needs.

“Global financial institutions face daunting and complex challenges in light of increasing fraud and regulation. They need to rely on technology to help pull together the disparate sources of data to identify aberrant behaviour,” says Ian Chapman-Banks, CEO of Sqreem. “By partnering with Hatstand and Synechron, we will be able to apply their extensive knowledge and expertise to leverage our software for the financial industry.”

Brad O’Brien, CEO at Hatstand comments: “Through this partnership, our capital market clients will benefit from truly innovative technology. We’re excited to pair our detailed knowledgeservices with Sqreem’s capability in machine learning and big data”.

According to FINRA, in 2015 alone there were “1,512 disciplinary actions and $95.1 million handed out in fines.” In addition, technology research firm Gartner predicts that by 2017, firms leveraging predictive business performance metrics will be 20 percent more profitable due to the fact they are using predictive business performance metrics to guide decisions, provide insights and proactively respond to threats.


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