Scan Magazine, Issue 103, August 2017

Page 62

Scan Magazine  |  Special Theme  |  Danish FinTech Special

Manual On Boarding




Risk management



Validation process takes days to weeks


Calcabis On Boarding Validation process takes minutes to hours

Interview A.I. Domain

KYC A.I. Domain

AML A.I. Domain

Risk Management A.I. Domain

Legal A.I. Domain

Other custom A.I. Domains

Tailor-made solutions for the financial sector Artificial Intelligence might not be the answer to all the problems in the financial sector, but Calcabis’ virtual expert platform can definitely fix many of the challenges. By Nicolai Lisberg

“We do things a bit differently here,” says Kasper Wodstrup Rost, CEO and founder of Calcabis, a Danish RegTech company focusing on process optimisation and documentation within KYC (Know Your Customer), AML (Anti Money Laundering), risk management and compliance. “We believe real experts are the most important and valuable resource when you need to reach the correct conclusion. That’s why we transform real experts’ knowledge into Virtual Expert Platform. We look at the way people communicate and how the human mind works, and then we build artificial intelligence around that,” explains Rost. 62  |  Issue 103  |  August 2017

Calcabis mainly delivers solutions to the financial sector, as they often have major and ever-changing regulatory issues that need to be handled, but they also provide solutions for clients in other areas, such as the pharmaceutical industry. Calcabis’ Virtual Expert Platform works with technologies such as cognitive computing, deep learning, machine learning and face recognition, and is among other things able to tell if a person is interacting with a PEP (politically exposed person) or just happens to be in the same room as one. “It’s important to understand that we don’t tell companies how to do their

work. What we do is take the knowledge that is already anchored in the company and support it. Many banks, for instance, have to onboard more than 1,000 customers per month. To go through all the data collected for every single person and still get valuable and correct documentation is an almost impossible job. Not knowing what to comply with and what to pay attention to is not the issue. The challenge is lack of resources. And that’s where we can help,” says Rost.

A transparent solution The Virtual Expert Platform contains three different technologies: forward changing, backward changing and solution. This helps the company to understand the entire process and not just the final result. “If you ask the platform a question, it obviously comes up with

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