Arachnys Joins Oracle as Part of Wider Partnership Strategy

A new tie-up with Oracle is the latest step in Arachnys’ decision to build strategic partnerships with other firms in 2019. 

Arachny’s Navigator offering, part of its cloud-native customer risk intelligence (CRI) platform, will be integrated into Oracle’s enterprise content management system (ECM). The integration will be added to Oracle’s Financial Services Financial Crime and Compliance Management to enable clients to leverage additional capabilities to combat crime, including access to a content library for financial crime investigations and KYC profile record completion.

Ed Sander, president of Arachnys, says financial institutions are increasingly trying to solve regulatory demands with a focus on KYC information and how it is used for financial crime risk and prevention. He says firms have to perform enhanced due diligence investigations on how information is used and pulled from external sources, resulting in huge data location efforts. As a cloud-based platform, Arachnys aims to onboard and integrate solution providers to address specific regulatory issues.

“We have chosen to invest in a partner ecosystem because it helps us to go to market faster with a broader solution, we can appeal to more customers, and it is at times an easier and quicker route to market for us to deliver a solution by leveraging the technology of another, known provider out in the market compared with rebuilding that ourselves,” he says.

A partnership with Fenergo, a client lifecycle management technology specialist, in February 2018, was the first step in Arachnys’ partnership strategy. In March 2018, the firm teamed up with big data specialist Quantexa.

Sander says firms are making significant investments in client lifecycle management and client entity data management because often, they have multiple onboarding systems with different sets of customer data. Regulations require firms to obtain a customer information record when they start a new relationship with a client. The partnerships help address the issue by providing easier access to information in one place.

“Financial institutions have a significant appetite for a cloud-based platform like Arachnys that makes it easy to access external third-party information, either to complete that customer information record that the banks require to make an account opening decision or to satisfy the different regulatory requirements that compliance and risk are asking of the business,” he says.

Sander adds that Oracle was chosen because the enterprise case management solution can help compliance investigators find missing information within an investigation alert record. 

“Without the Oracle integration with Arachnys, most investigative analysts are left to their own devices to go out on a goose hunt for that information,” he says. “With Arachnys, Oracle customers have one easy dashboard and pipeline that delivers all of that information that is missing within a financial crime alert directly to their desktops. They don’t even need to go look for it.”

Sander says Arachnys has more partnerships planned for 2019, but could not disclose them yet.