Too many financial services companies struggle with systems that are many years - often decades - out of date. They don’t take advantage of the technological and analytical breakthroughs in artificial intelligence, natural language processing, machine learning and experience design.
These systems don’t serve their clients, their users, or the public policy objectives of law and regulation well. That’s why we have created Merlon Intelligence.
We are building a management team, an advisory board and an investor group that share this vision, and that bring both deep understanding of the compliance and risk management challenges major financial institutions face and the technological sophistication to design and build world-class solutions to those challenges.
Together, we are creating a company that is wholly focused on its customers, with the nimbleness and agility to develop and refine outstanding technological solutions to their practical problems.
Merlon’s initial product offerings support the needs of major financial institutions in the area of AML compliance. Today, to manage their AML compliance risks, major banking organizations commonly depend upon a systems environment in which a large handful of outdated and disparately architected solutions from a variety of different vendors come together to yield a poor user experience, frequent errors and occasional massive regulatory penalties.
These environments commonly require large and increasing numbers of employees, not uncommonly numbering in the hundreds or thousands, to spend their days on low-value tasks that more contemporary technology can substantially automate.
Delivering insufficient value at unacceptable cost is neither scalable nor sustainable.
Merlon is building an end-to-end AML compliance platform that will change all of this.
Our development effort is proceeding modularly, according to a product development roadmap that we continue to revisit and refine in light of customer interest and feedback.
To date, we have built a user-friendly system that supports know-your-customer (KYC) investigations by, for example, using natural language processing to find and evaluate relevant news in a wide array of sources and a variety of languages, translate it back into the analyst’s language when necessary, and highlight risk-ranked results for analyst consideration.
We look forward to bringing the same technological sophistication and focus on user experience to our upcoming development efforts in the areas of transaction monitoring and analytics, case management, suspicious activity reporting and other important customer needs.