SymphonyAI has announced a strategic partnership with Tata Consultancy Services (TCS) to broaden and accelerate market reach across various industries worldwide. Initially concentrating on financial crime detection, this strategic collaboration promises to extend the advantages of specialized predictive and generative AI to organizations spanning diverse sectors.
“The TCS and SymphonyAI partnership enables our growing financial crime solutions market to accelerate and scale worldwide and underscores our commitment to responsible AI that ensures our advances are employed ethically and effectively to transform the efficacy of financial crime prevention. It’s an exciting alliance that will deliver top-tier solutions reliably and scalably for radically improved financial crime prevention and compliance results,” said Mike Foster, President and CEO of SymphonyAI’s Sensa-NetReveal division.
According to the "Global FinCrime Landscape: A Comprehensive Analysis" report by the United Nations Office on Drugs and Crime (UNODC) in 2023, criminals annually launder an estimated 5% of the global GDP, totaling around US $2 trillion. SymphonyAI and TCS have joined forces to equip financial institutions with responsible AI technologies, facilitating early identification of financial crime risks and patterns. This proactive approach enables companies to effectively mitigate emerging threats and preempt criminal activities before they occur.
SymphonyAI's suite of financial crime prevention solutions, including the SymphonyAI Sensa Copilot and Sensa Investigation Hub, integrates predictive and generative AI to offer leading-edge end-to-end capabilities for financial crime investigation and risk management.
This alliance harnesses SymphonyAI's cutting-edge technology alongside TCS' comprehensive suite of services, significantly expanding the accessibility of predictive and generative AI capabilities for financial service providers worldwide. These offerings encompass various services such as consulting, analytics, transformation and technology solutions, platform solutions, and change management services. TCS has a consistent track record of investing in research focused on financial crime and compliance, aiming to combat financial malfeasance, enhance market compliance, and mitigate financial and reputational risks.
“The rapid evolution of AI-based technologies gives bad actors increasingly sophisticated tools for hard-to-detect transgressions including money laundering and sanctions evasion. To counter these threats with speed and effectiveness, financial services institutions need highly evolved capabilities including generative AI. TCS’ in-depth domain, technology expertise and global scale combined with SymphonyAI’s state-of-the-art AI technology will enable financial institutions to more effectively and accurately predict, detect, and prevent financial crime,” said Susheel Vasudevan, President of Banking, Financial Services and Insurance Group – Americas, TCS
