Alliance will enable the global adoption of AI-based, cloud-native capabilities in financial crime detection
SymphonyAI, a leader in high-value enterprise AI SaaS for strategic industries, today announced a strategic partner agreement with Tata Consultancy Services (TCS), to expand and accelerate markets across business verticals worldwide. Initially focused on financial crime detection, the strategic agreement will bring the benefits of focused predictive and generative AI to organizations across industries.
Criminals annually launder as much as 5 percent of global GDP, or US $2 trillion, according to the "Global FinCrime Landscape: A Comprehensive Analysis" (2023) by the United Nations Office on Drugs and Crime (UNODC). SymphonyAI and TCS are arming financial institutions with responsible AI technologies that enable early detection of financial crime risks and patterns and enabling companies to effectively shut down emerging threats and prevent the crimes from occurring. SymphonyAI’s financial crime prevention offerings, including the SymphonyAI Sensa Copilot and the Sensa Investigation Hub, combine predictive and generative AI for industry-leading end-to-end financial crime investigation and risk management technology.
The alliance combines SymphonyAI’s technology with TCS’ services and expands the availability of predictive and generative AI capabilities for financial services organizations globally. These include consulting, analytics, transformation and technology solutions, platform solutions, and change management services. TCS continuously invests in financial crime and compliance-focused research to combat financial crime, enhance associated market compliance, and minimize 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,” said Susheel Vasudevan, President of Banking, Financial Services and Insurance Group – Americas, TCS. “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.”
“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,” said Mike Foster, president and CEO of SymphonyAI’s Sensa-NetReveal division. “It’s an exciting alliance that will deliver top-tier solutions reliably and scalably for radically improved financial crime prevention and compliance results.”
Kumar Abhimanyu, SymphonyAI senior VP and global head of strategic partnerships, said, “Our collaboration with TCS is a prime example of how the fusion of SymphonyAI's advanced generative AI products with TCS's system integration services can revolutionize industry solutions. By marrying our industry-specific AI technologies with TCS’ proven capabilities, we're crafting powerful, sector-specific solutions. This partnership is about more than just meeting the current needs of finance; it's about innovating and setting new standards in AI-powered holistic digital transformation.”
About Tata Consultancy Services
Tata Consultancy Services is an IT services, consulting and business solutions organization that has been partnering with many of the world’s largest businesses in their transformation journeys for over 55 years. Its consulting-led, cognitive powered, portfolio of business, technology and engineering services and solutions is delivered through its unique Location Independent Agile™ delivery model, recognized as a benchmark of excellence in software development.
A part of the Tata group, India's largest multinational business group, TCS has over 608,000 of the world’s best-trained consultants in 55 countries. The company generated consolidated revenues of US $27.9 billion in the fiscal year ended March 31, 2023, and is listed on the BSE and the NSE in India. TCS' proactive stance on climate change and award-winning work with communities across the world have earned it a place in leading sustainability indices such as the MSCI Global Sustainability Index and the FTSE4Good Emerging Index. For more information, visit www.tcs.com
About SymphonyAI
SymphonyAI is building the leading enterprise AI SaaS company for digital transformation across the most critical and resilient growth verticals, including retail, consumer packaged goods, finance, manufacturing, media and IT or enterprise service management. SymphonyAI verticals have many leading enterprises as clients. Since its founding in 2017, SymphonyAI has grown rapidly to 3,000 talented leaders, data scientists and other professionals. SymphonyAI is a SAIGroup company, backed by a $1 billion commitment from successful entrepreneur and philanthropist Dr. Romesh Wadhwani. Learn more at symphonyai.com.
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Contacts
Alison Raffalovich, SymphonyAI
Alison.raffalovich@symphonyretailai.com
