Fintech PR
Refine Intelligence Launches with $13M Seed Funding to Transform Anti-Money Laundering by “Catching the Good Guys”
Refine helps financial institutions recognize customers’ life stories and identify legitimate activities, so they can quickly clear away false alarms
NEW YORK and TEL AVIV, Israel, Nov. 14, 2023 /PRNewswire/ — Refine Intelligence, the pioneer in Financial Crime Greenflagging, launched today with a $13 million seed funding round led by Glilot Capital Partners and Fin Capital with participation from SYN Ventures, Valley Ventures (the corporate venture capital arm of Valley Bank), and other investors including Ground Up Ventures.
While the anti-money laundering (AML) industry is focused on detecting account anomalies, Refine Intelligence is the only crime-fighting fintech focused on “greenflagging” legitimate customer behavior through providing a clear picture of their life stories. This novel approach is set to change the game in AML, helping banks reduce handling time while focusing on truly unexplained anomalies. Founded by serial entrepreneurs in financial crime fighting and cybersecurity, Refine Intelligence will use the funding to accelerate expansion within North America, Europe and Latin America, and advance the development of its technology.
Catching the Good Guys
AML investigators are overwhelmed by transaction monitoring alerts that spot anomalies in customer accounts. Most alerts are triggered by perfectly legitimate life stories such as selling a house, buying a used car, or paying tuition for an international student. Banks simply lack the context for these activities, and devote many resources to investigating false alarms. Refine Intelligence provides critical context in real time to explain customers’ actions using two capabilities:
- User-friendly digital inquiries in which customers are asked about the source of funds, the nature of the activity and other crucial contextual information; and
- AI trained using a unique, proprietary data set of genuine customer activity patterns that can automatically recognize specific customer life stories.
With Refine Intelligence, banks can bolster their existing AML monitoring to:
- Better focus on truly suspicious activity by quickly clearing away false alarms
- More clearly understand customer behavior and transactions, leading to more effective and efficient investigations
- Enable financial institutions to collect much needed context from the customer in a structured, consistent and bias-free manner
Putting Customer Relationships Back into Banks’ Hands
“Banks used to have a superpower: knowing their customers’ life stories so they could provide personalized financial service,” said Refine Intelligence Co-founder and CEO Uri Rivner. “With banking increasingly done online and a significant drop in face-to-face interactions, banks’ understanding of customer behavior is limited. Refine Intelligence restores that critical context, empowering banks to ‘catch the good guys’ – identify false alarms triggered by perfectly legitimate customer transactions, and focus their energy on actual dubious activity.”
Refine Intelligence’s first customer was Valley Bank, which saw such great outcomes that their venture capital arm, Valley Ventures, decided to invest in the company. “After implementing Refine Intelligence’s solution, our AML inquiry process was cut from 16 days to two minutes,” said Valley Bank’s Director of AML Chris Phillips. “This has freed up our team to spend less time on investigations and more time serving our customers. Using Refine Intelligence has enhanced our efficiency by streamlining the process of investigating and resolving AML alerts, and improving our customers’ satisfaction.”
Statistical Analysis from Refine Intelligence
Based on Refine Intelligence’s work with North American banks, it has determined the following points of interest:
- Refine Intelligence’s Digital Outreach reduces customer inquiry resolution time from two weeks to two minutes.
- Refine’s Digital Outreach customer inquiries achieve an 85% completion rate
- 64% of all AML alerts can be explained by the following top five life stories:
- Buying or selling real estate
- Payment for cash-intensive jobs
- Giving or receiving of gifts
- Buying or selling a vehicle
- Payment for construction expenses
“Money laundering is a persistent problem for banks to monitor, yet it lacks an effective automated solution to keep the issue in check,” said Glilot Capital Partner Founder and Managing Partner Kobi Samboursky. “Refine Intelligence has developed a powerful solution that ensures efficiency through the innovative application of their AI technology. We are excited about the market opportunities ahead of Refine Intelligence, and thrilled to join their mission to transform the financial fraud detection sector.”
“In a digitally-transformed banking landscape, Refine Intelligence stands out for its innovation in combating financial crime,” said Fin Capital Principal Sasha Pilch. “Their approach to AML offers a simple yet unique solution to a problem that banks have struggled with for years. We’re excited to join Refine Intelligence on its path to becoming a leader in crime-fighting fintech, transforming how banks combat money laundering and fraud.”
About Refine Intelligence
Refine Intelligence has developed a novel approach to help banks reduce the growing operational costs of financial crime. Their proprietary AI scans anti-money laundering alerts from transaction monitoring systems and “greenflags” customers’ legitimate activity to dramatically reduce investigation time, and can also be used to protect against check fraud, scams and money mules. Founded by tech veterans in fighting financial crime, Refine Intelligence is backed by Glilot Capital Partners, SYN Ventures, Fin Capital and Valley Ventures. To learn more, visit www.refineintelligence.com.
For more information, please contact:
Josh Turner
Si14 Global Communications
[email protected]
+1 (917) 231-0550
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DUBAI, UAE, Sept. 6, 2024 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, set out to make the community’s TOKEN2049 journey more rewarding. Gearing up for the most anticipated blockchain and Web3 event in the region, Bybit is thrilled to announce three bonus events to enable both attendees and remote fans to both be part of the experience.
The winning opportunities are open to both attendees of TOKEN2049 and followers from afar. Through trading and offline events, participants stand to get free tickets, a share of the $80,000 prize pool in airdrops and coupons, and Bybit merchandise.
Event 1: TOKEN2049 Treasure Express
From now to Sep. 26, 2024, Bybit users may register for the event and complete tasks by depositing and trading assets to earn lucky draw tickets. The wheel of fortune will turn to one of the three prizes:
1. A pair of tickets to TOKEN2049;
2. A share of the airdrop prize pool valued at $50,000 featuring the hottest tokens, including DOGS, PEPE, SOL, XRP, TON and USDT; or
3. Up to 50 USDT in spot coupons.
Even more rewards await in referrals and social media giveaways. For details, visit: TOKEN2049 Treasure Express
Event 2: Share and Unlock
From now to Sep. 30, 2024, unleash your social media magic for a chance to win a 10 USDT spot trading coupon. Share a Bybit blog link and your thoughts on Bybit and Web3. Remember to tag @Bybit_Official and use the hashtag #UnlockWeb3Future and submit the form with us here: #UnlockWeb3Future at TOKEN2049 with Bybit
Event 3: Meet us offline at TOKEN2049
Spot our logo at TOKEN2049 and capture a photo at the Bybit booth (M50) to win Bybit merchandise. Remember to share to your social media channels and use the right hashtag. For details, visit: #UnlockWeb3Future at TOKEN2049 with Bybit
An advocate for a sustainable Web3 ecosystem, Bybit will be featured prominently at TOKEN2049 on a series of keynote panels, thought leadership and community events, and booth M50.
#Bybit / #TheCryptoArk
About Bybit
Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 40 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.
For more details about Bybit, please visit Bybit Press.
For media inquiries, please contact: [email protected]
For more information, please visit: https://www.bybit.com
For updates, please follow: Bybit’s Communities and Social Media
Discord | Facebook | Instagram | LinkedIn | Reddit | Telegram | TikTok | X | Youtube
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View original content:https://www.prnewswire.co.uk/news-releases/board-the-token2049-treasure-express-with-bybit-and-dive-into-an-80-000-prize-pool-302240594.html
DUBAI, UAE, Sept. 6, 2024 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, is excited to announce it’s among the first to be granted consent to a full authorization by the Astana Financial Service Authority (AFSA). This milestone brings Bybit closer to becoming a fully regulated Digital Asset Trading Facility (DATF).
As part of a rigorous process, Bybit Kazakhstan has passed a full AML check, business conduct audit, and detailed compliance inspections. This is part of Bybit’s focus on securing new user opportunities in Kazakhstan and the broader Commonwealth of Independent States (CIS) region.
“Kazakhstan has become a key player in the global crypto ecosystem, and we are thrilled to be expanding our services in such a dynamic market,” said Ben Zhou, co-founder and CEO of Bybit. “We are committed to bringing our cutting-edge technology, security, and transparency to crypto traders in Kazakhstan, ensuring they can access the best possible tools and services to thrive in this fast-growing industry.”
Once the full license is in place, Bybit Kazakhstan will offer various digital assets related products and services. The expansion into Kazakhstan aligns with Bybit’s mission to provide reliable and transparent services, catering to the unique needs of crypto traders and investors in the region.
This development follows Bybit’s receipt of its initial operating and custody licenses from AFSA in June 2023, reinforcing its commitment to local regulatory requirements. Bybit’s ongoing efforts to strengthen its presence in Kazakhstan underscore its belief in responsible growth and ensuring a compliant and secure trading environment.
Kazakhstan has quickly emerged as a hub for crypto innovation, and Bybit is proud to play a leading role in fostering this development. For example, Bybit hosted a “Foundations of Blockchain, Web3 and Crypto Exchange Activities” course for Banks of Kazakhstan in 2024. This event was part of Bybit’s drive to make blockchain education more accessible in the CIS region.
By securing this full authorization, Bybit is poised to enhance crypto adoption, provide institutional-grade security, and offer advanced trading features to its growing regional user base.
#Bybit / #TheCryptoArk
About Bybit
Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 40 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.
For more details about Bybit, please visit Bybit Press.
For media inquiries, please contact: [email protected]
For more information, please visit: https://www.bybit.com
For updates, please follow: Bybit’s Communities and Social Media
Discord | Facebook | Instagram | LinkedIn | Reddit | Telegram | TikTok | X | Youtube
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View original content:https://www.prnewswire.co.uk/news-releases/bybit-expands-global-reach-receives-formal-consent-for-full-authorization-in-kazakhstan-302240634.html
Fintech PR
Integrum ESG and CSRHub enable fund managers to monitor both long-term trends and short-term movements in ESG ratings for companies, across a 10-year time series
LONDON, Sept. 6, 2024 /PRNewswire/ — Integrum ESG, the leading alternative ESG data provider, has today announced the launch of their Consensus ESG Ratings module.
Just as investors monitor movements in consensus earnings estimates or credit ratings, investors now are aware of the demand for the ability to monitor long-term trends and short-term movements in consensus ESG ratings.
This new feature enables Integrum ESG’s asset manager clients to now see the consensus ESG score for any company, either as an absolute rating or a relative percentile ranking, across a 10-year time series.
These scores will indicate to any investor what the capital markets have ‘priced in’ for a company’s ESG performance, allowing users to quickly understand the market’s view on a company and easily conduct relative ESG analysis on the positions they hold within their Portfolio.
This regularly updated data is provided by CSRHub, the world’s leading provider of consensus ESG ratings. CSRHub has spent years aggregating and normalising a vast range of licensed sources – from large ESG ratings firms such as MSCI, ISS, S&P Global, and Sustainalytics to specialists such as CDP and Better World Companies.
Shai Hill, Founder and CEO of Integrum ESG, commented: “Many investors have told us they want a sense of ‘what is priced in’ in terms of a company’s ESG performance, so they can compare this to what anyone ESG ratings firm is saying. CSRHub is the only firm to have credibly achieved this, thanks to a model refined over years and a vast data lake – so we are delighted to be partnering with them.”
Bahar Gidwani, Co-Founder of CSRHub, added: “Investors need to fine tune their ESG-related investment strategies to improve their returns and better match the preferences of their clients. Combining CSRHub’s expert outside-in, consensus view of ESG with Integrum ESG’s detailed real-time data stream provides a strong solution for these needs.”
About Integrum ESG
Integrum ESG is the leading alternative ESG data and ratings platform for investors, blending human analysis and award-winning artificial intelligence models to capture, verify and display granular and relevant ESG data for analysis and assessment. Their Platform allows clients to dissect ESG scores, real-time sentiment, and more with a variety of unique-to-market features, empowering industry professionals and investors and giving them complete oversight of ESG risk across their portfolio.
For more information, visit www.integrumesg.com
About CSRHub
CSRHub offers the most comprehensive global set of Consensus ESG (Environmental, Social, and Governance) ratings, information, and tools. CSRHub’s business intelligence system measures the ESG business impact that drives corporate and investor sustainability decisions. Founded in 2007, CSRHub covers 56,545 public and private companies, and provides ESG performance scores on over 37,899 companies from 135 industries in 210 countries. Our Big Data platform uses algorithms to aggregate, normalize and weight ESG metrics from 957 sources to produce a strong consensus signal on corporate sustainability performance.
For more information, visit www.csrhub.com
Media Contact
Harish Karunalingam
Integrum ESG
[email protected]
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