Integrated financial intelligence solution will enable Oracle Financial Crime and Compliance Management clients to join forces to fight criminal networks
NEWARK, New Jersey, April 13, 2021 /PRNewswire/ -- Duality Technologies, a leading provider of Privacy-Enhancing Technologies based on Homomorphic Encryption and a member of Oracle PartnerNetwork (OPN), announced today that it has partnered with Oracle to integrate Duality's capabilities within Oracle's Financial Crime and Compliance Management (FCCM) product suite. Financial institutions utilizing Oracle's software – including hundreds of major banks around the world – will gain use of Duality's privacy-preserving query engine, enabling them to engage in collaborative financial crime investigations with other financial institutions while protecting sensitive data and help ensure compliance with global privacy regulations.
Oracle FCCM equips banks with end-to-end anti-money laundering (AML) solutions encompassing the entire financial crime and compliance life cycle. Utilizing Duality's Privacy-Enhancing Technology, financial institutions can now securely share insights while maintaining the privacy and confidentiality of Personally Identifiable Information (PII). This helps overcome the regulatory concerns which have hampered collaborative crime fighting efforts in the financial sector, and also helps ensure that any information sharing is conducted in the context of Oracle FCCM customers' AML operations. More and more regulators, such as the US Financial Crimes Enforcement Network (FinCEN) and the Financial Action Task Force (FATF), the global money laundering and terrorist financing watchdog, are encouraging information sharing among financial institutions to bolster the global fight against financial crime.
By utilizing Duality's world-leading Privacy-Enhancing Technology (PET) solution, participating banks can now engage in improved intelligence sharing, including with sensitive data, to enrich and expand their understanding of potentially suspicious activities and facilitate swift investigations into their perpetrators. Financial institutions improve their ability to detect, investigate and prevent different types of financial crimes while keeping data and models fully encrypted. By supplying the tools to securely collaborate on sensitive data, Duality provides a means for Oracle FCCM customers to see blind spots in their financial crime and compliance processes and extend their view of risk beyond their own walls – critical in the fight against globalized financial crime.
"We are thrilled to be collaborating with Oracle to provide an integrated privacy-enhanced solution for information sharing in order to boost the privacy and efficiency of financial crime investigations," said Dr. Alon Kaufman, CEO and Co-Founder, Duality Technologies. "Leaders across the financial sector, including the regulators themselves, are increasingly aware of the immense value that Privacy-Enhancing Technologies offer in the global fight against fraud and money laundering. We are committed to making data collaboration a secure and trusted process that financial institutions can seamlessly integrate into their anti-financial crime programs, harnessing the full value of their data while helping to maintain compliance with privacy and secrecy regulations."
"Oracle and Duality have joined forces to provide our customers with the opportunity to securely collaborate on financial crime investigations and mitigate compliance risks," said John Edison, Vice President and Global Head, Financial Crime and Compliance Management Products, Oracle Financial Services. "While the industry has been aware that cross-institutional collaboration is pivotal to tackling financial crime, privacy concerns have posed major hurdles up until now. By leveraging Duality's market-leading privacy-enhancing solution, our customers will be able to securely share data-driven insights to meet their regulatory needs. This can significantly enhance our customers' anti-money laundering programs, making them more efficient and effective. Only by working together can we make the global financial ecosystem safer."
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About Duality Technologies
Duality Technologies is at the forefront of Privacy Enhancing Technologies (PETs), setting the standard for privacy-preserving data collaboration. Duality SecurePlus™, a leading PET platform, combines advanced Homomorphic Encryption and data science, enabling organizations to derive insights without exposing their sensitive data. Duality's products are used by companies across regulated industries including financial services, healthcare, telecommunications and more. Duality was listed on Fast Company's 2020 Most Innovative Companies List in the Data Science category and has been recognized as a Gartner "Cool Vendor" for Privacy Preservation in Analytics. For more information, please visit dualitytech.com.
About Oracle PartnerNetwork
Oracle PartnerNetwork (OPN) is Oracle's partner program designed to enable partners to accelerate the transition to cloud and drive superior customer business outcomes. The OPN program allows partners to engage with Oracle through track(s) aligned to how they go to market: Cloud Build for partners that provide products or services built on or integrated with Oracle Cloud; Cloud Sell for partners that resell Oracle Cloud technology; Cloud Service for partners that implement, deploy and manage Oracle Cloud Services; and License & Hardware for partners that build, service or sell Oracle software licenses or hardware products. Customers can expedite their business objectives with OPN partners who have achieved Expertise in a product family or cloud service. To learn more visit: http://www.oracle.com/partnernetwork
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