WASHINGTON--(BUSINESS WIRE)--Babel Street, a leader in advanced AI, data, and analytics solutions for threat and identity intelligence, today announced that it has been named to the inaugural DataTech50 list by financial research company, FinTech Global. Babel Street was selected from more than 400 shortlisted companies as one of the industry’s trailblazers focused on improving data management in the financial services sector, where data capabilities continue to grow in importance.
As financial institutions continue to expand their digital transformation efforts and use of artificial intelligence, data governance is critical to further improving operations, remaining competitive, and meeting regulatory requirements. The ability to collect, extract, analyze, match, and score actionable insights from vast amounts of data in the digital world is becoming a vital capability.
Babel Street enables financial institutions globally to meet demanding know-your-customer (KYC) requirements, which mandate the verification of customer identities at account opening and periodically thereafter. These processes aim to reduce crime, ensure transparency, and safeguard the integrity of the financial system. As verification and review processes become more complex alongside evolving anti-money laundering (AML) mandates, the challenges for those responsible for KYC continue to intensify.
Babel Street provides an ensemble of AI-driven capabilities designed to streamline processes and meet stringent KYC requirements, including name matching and adverse media monitoring. These tools automate data analysis at scale and speed to serve as a workforce multiplier, freeing personnel to focus on informed problem-solving and decision-making.
“This is a tremendous honor for Babel Street, and we appreciate the judging panel for recognizing how our solutions are improving decision-making for financial institutions,” said Pat Butler, Executive Vice President of Product at Babel Street. “Our technology reflects our commitment to safeguarding businesses and communities through purposeful innovation. For example, we’ve recently introduced semantic similarity for Chinese address matching, support for Malay names, and streamlined multi-field record matching. Combined with our multilingual capabilities and intelligent matching algorithms, we’re empowering financial institutions to navigate complex global data landscapes with confidence in accuracy and efficiency.”
“As good data management continues to rise up the list of absolute imperatives for financial services businesses, there is a growing need for firms to be able to come to grips with the data they own and turn it into a competitive advantage,” said Richard Sachar, Global Director at FinTech Global.
“The DataTech50 list will help not just the firms looking to transform but also those within the financial sector who are seeking more insights and knowledge into the kind of innovation that is taking place within the data management space in 2024 and beyond,” he said.
To view the full list of the DataTech50 for 2024, please visit www.DataTech50.com.
About Babel Street
Babel Street is the trusted technology partner for addressing identity risk and threat intelligence challenges. Our AI-powered ecosystem delivers advanced data and analytics solutions to close the Risk-Confidence Gap. We provide automation and multilingual tools that transform diverse data sources into actionable insights, helping organizations identify risks and connect crucial information about people and companies. Our versatile API-based solutions support critical use cases across sectors, including AML/KYC identity processes, border security, law enforcement investigations, competitive market analysis, supply chain integrity, and executive and event protection. Babel Street is headquartered in the U.S., with an established presence in Australia, Canada, Israel, Japan, and the U.K. For more information, visit babelstreet.com.
