Financial Services News

AYLIEN makes waves with trailblazing financial services

[ad_1]

DUBLIN, Ireland , Nov. 24, 2022 (GLOBE NEWSWIRE) — AYLIEN, the award-winning news intelligence startup has today unveiled a pioneering breakthrough in financial services risk management which will send innovation shockwaves through the sector.

AYLIEN’s Risk Signals application has been selected as one of the first three applications to be offered via a first-of-its-kind procurement marketplace – the Innovation Data Platform or iDP, built by ORX, the largest operational risk management association in the financial services sector.

The world’s leading financial institutions are being given direct access to an AI-powered proactive risk monitoring solution, designed by the Irish-headquartered startup, which will turbocharge global innovation in risk management.

iDP is a ground-breaking platform providing banks and insurers one highly secure space to house and transform their risk data, as well as deploy pre-validated and accredited risk tech applications.

It’s designed to make innovating in risk management faster, cheaper and safer. Long procurement processes, different security standards and ways of handling data across financial services currently impact project development, increase costs and impede appetites to innovate.

Parsa Ghaffari, founder and CEO of AYLIEN, said: “The risk landscape is evolving faster than ever before, which means access to innovation is no longer a nice-to-have but a must-have in risk management. However, certain barriers such as long procurement processes hinder a financial institution’s ability to access the latest innovation. For risk professionals, a central marketplace of tried and tested specialist providers is a game changer as it will turbocharge innovation, reduce risks, and enhance opportunities, while empowering risk teams.

“We’ve worked very closely with the iDP team in developing Risk Signals and we are incredibly excited about bringing the solution directly to our target market via this cutting-edge platform. Being chosen as a flagship vendor by an industry leader in ORX has really bolstered our expansion in the financial services space.”

The launch of today’s commercial partnership between AYLIEN and iDP cements the Financial Service sectors in the US and UK as the primary markets for the growing Series A startup.

AYLIEN’s Risk Signals product is the first of three solutions to be offered through the new ORX iDP platform. The solution informs customers when a potential risk is emerging, provides the investigation capabilities to validate and assess the risks associated with events, and simplifies documenting and reporting on critical risks where necessary.

Simon Wills, ORX Executive Director, said: “We are delighted to be working with AYLIEN on this exciting new venture. ORX is built on a strong foundation of finding innovative solutions to shared industry challenges. That’s what led to the development of our loss data service back in 2002, and it’s what has continued to drive the work we’ve done with our members ever since.

“However, due to the relentless pace of change in financial services, the need for digital solutions is now greater than ever. That’s what led us to begin working on this pioneering new platform, and we’re pleased that with applications such as AYLIEN’s, we are now seeing it come to life in our 20th anniversary year.”

AYLIEN’s AI-powered Risk Intelligence platform ingests, understands, and tags more than 1.5 million news articles every day in up to 15 languages, providing a powerful search and alert capability that highlights critical news events based on a customer’s third parties, counterparties, competitors and risk types and topics that matter to them.

Natural Language Processing and Machine Learning identifies and contextualises emerging risk events related to an organisation’s risk landscape.

With AYLIEN, risk management teams in the Financial Services sector are able to streamline traditionally labour-intensive, manual monitoring processes and free up analysts for more high-value work.

The company’s customers identify 10 times more potential risks while reducing their identification and investigation time by up to 95%.

Ghaffari added: “At the moment the financial services market is messy and lacks standardisation because each financial institution is working with individual producers independently and reinventing the wheel. With today’s announcement, we are convinced the procurement and innovation wheels will turn much more smoothly.”

AYLIEN was founded in 2012 and is headquartered in Dublin, Ireland. It works with a range of international banks, including Wells Fargo in the US, the European Investment Bank and Fidelity.

Notes to Editors:
An image to accompany this story; a headshot of Parsa Ghaffari, (quoted) and a media FAQ can be downloaded here. A video announcing today’s partnership is available here.

For further information, please contact:

Tim Reid
AYLIEN Media and PR office
Email: tim@timreidmedia.com or Tel: +44 7720 414205

About AYLIEN:

AYLIEN provides risk and market intelligence solutions to a wide range of financial institutions including Wells Fargo, European Investment Bank, and S&P Global, helping them identify risk events using unstructured data sources.

AYLIEN collects and processes millions of pieces of media content daily from across the globe and processes it using their proprietary Natural Language Processing models to provide analysts and data teams with actionable intelligence on their risk or market landscape. www.aylien.com

[ad_2]

Source link