Amrit Satpathy
Ecosystem Manager
Xapien has joined the NayaOne Tech Marketplace. Xapien uses advanced technology to automate online research on any person or company globally in any language in minutes. Using Artificial Intelligence and Natural Language Processing coupled with vast cloud compute resources, execute a Third Party Risk Management (TPRM) or Enhanced Due Diligence (EDD) report and identify hidden risks in minutes.
As a tech provider, Xapien is now accessible to a range of financial institutions to discover and evaluate through NayaOne’s Sandbox-as-a-Service platform.
As NayaOne provides access to synthetic datasets, tech marketplace and a digital sandbox to discover, evaluate and scale third party technologies to production to build proofs-of-concepts in 4-6 weeks. Xapien’s solution automates the otherwise manual elements of any enhanced due diligence process and will help financial institutions and large corporations alike gain early insights on any customer, partner or supplier.
It is currently difficult, expensive, and time-consuming for organisations to gather meaningful and relevant information on individuals they do business with. Existing risk and compliance tools rely on data sets and cover things like ID Verification, Peps, Sanctions and watchlist checks, all of which are helpful for tick-box compliance, but don’t actually give you any answers to the more nuanced question of “should I do business with this person”. For that, banks and FIs would traditionally have a choice: either rely on manual research (in house or outsourced) which costs significant time and money or bear the risk of onboarding someone without fully knowing if they have hidden risks. Xapien automates the manual research process by researching across the entire indexed internet, and delivering a concise, comprehensive report – just like a human would produce but at incredible speed. Banks and FIs can check their AML risks and get a nuanced understanding for their client’s holistic online profile to add more value to the customer journey. This is a priority because firms seeking to do international business are facing a perfect storm for three reasons.
- Emerging ESG considerations present complicated and nuanced risks.
- There is a continuing explosion in publicly available information, and ever-increasing regulation.
- There is a global economic downturn. This creates an increasing need for organisations to really ‘know’ their third parties.
This includes their customers, suppliers, donors, applicants and investors. Founded by technology experts with decades of experience in intelligence and financial crime, Xapien uses cutting edge artificial intelligence and natural language processing technologies to emulate the complex process of human-led research, and report writing. Xapien is designed to increase efficiency and drive down costs enabling FIs to focus on more valuable work. Xapien is transforming how organisations understand who they’re doing business with enabling them to answer nuanced questions that stem from regulators and the wider public (around ESG risks and more) at speed and scale, to take advantage of the explosion in publicly available information. Banks need support to accelerate their internal process by using different Gen Ai tools to comply with their own financial, and non-financial reporting, to stay ahead of corporate innovation.
Xapien’s solution delivers:
- Xapien’s AI goes beyond watchlist screening, scouring the length and breadth of the internet reading and analysing millions of sites, records and articles on your behalf. Truly know your customer, delivering more value to them and your organisation.
- Major efficiencies during customer and supplier onboarding, meaning that you can onboard more customers faster and more cost effectively. Customer quote: ‘With Xapien a day’s worth of research takes 12 minutes.’
- Our customers report that compliance is now the business enablement department, rather than the business prevention department. This is down to the depth of content that Xapien is able to provide at speed. This information can now be provided to the sales team even before they have met a prospect, allowing them to drive deeper relationships with prospects faster and unlocking valuable business opportunities.
Customer Case Study:
Griffin is a Banking-as-a-Service platform that manages back-end infrastructure and compliance operations for fintechs.
Since compliance is a key offering Griffin couldn’t onboard any counterpart without completing comprehensive due diligence themselves. But performing background research for EDD was resource-intensive. It took at least a day per prospect – a significant drain for a rapidly scaling business.
Adopting Xapien means what used to take 1 day now takes 12 minutes. As soon as a prospect or supplier is mentioned, their name is run through the platform. Inputting the search takes 30 seconds and the results are available in 12 minutes. The best part – the team get on with other tasks while the tool does their research for them.
“Thanks to Xapien, enhanced due diligence on the directors of prospect companies and suppliers has gone from a resource-intensive one-day process to detailed evidence-based reports in under 12 minutes. The time savings are colossal.” – Alex Nash, Money Laundering Reporting Officer, Griffin
Our partnership with NayaOne will help to establish us as a leading Fintech-as-a Service provider. Our listing on NayaOne’s Sandbox-as-a-Service Platform provides an invaluable channel for regulated firms to reap the benefits of Xapien’s AI-generated due diligence reports. We look forward to collaborating with the NayaOne team and marketplace customers as we scale our solutions and address new use cases to support bank-fintech partnerships to drive innovation.
John Cannon
Managing Director, Global Partnerships & Alliances, Xapien
Xapien has been integrated into the NayaOne marketplace to support financial institutions in creating reports and analysis based on complex data. It aids FIs in automating the manual research process by researching across the internet, and delivering background research on companies and individuals for risk, regulatory and reputational purposes to support KYC and KYB usecases. Xapien solutions now can be discovered and tested via NayaOne's Sandbox-as-a-Service.
Oli Platt
Product and Marketplace Manager, NayaOne
Founded by deep technology experts with decades of experience in deep technology, intelligence and financial crime, Xapien applies cutting edge artificial intelligence and natural language processing to deliver on-demand research for businesses seeking to truly understand their third parties. Xapien’s SaaS platform is transforming how the world deals with third parties. It enables anyone to know who they are in business with, a capability available until now only to organisations with significant resources.
