Holland’s Owlin turns to AI tech to simplify banks’ due diligence processes

Dutch software company Owlin has launched a new platform that is designed to streamline and simplify the third-party and due diligence processes for banks, the Amsterdam-based firm told QA Financial.

The new feature, called Owlin for Banks, is heavily supported by externally developed artificial intelligence technology and has the ability to carry out searches in 17 languages, thereby identifying relevant data sets and other information that goes back up to seven years.

“This a feature not accessible through traditional searches,” sressed Stefan Peekel, chief growth officer at Owlin (pictured right).

“By offering capabilities that transcend conventional search methods, we aim to redefine how financial institutions manage risk and comply with stringent regulations,” he explained to QA Financial.

“We leverage AI and natural language processing to not only provide risk insights but also simplify the visualisation of complex data, thereby enhancing decision-making processes within banks,” Peekel added.

Legal disputes

Peekel went on to say that the risk management and compliance coverage and reach of Owlin’s new tool include data on Adverse Media, Sanctions, Politically Exposed Persons (PEP), State-owned Enterprises (SOE), various watchlists, blacklists, U.S. Securities and Exchange Commission (SEC) filings, and the Consumer Complaint Database of the U.S. Consumer Financial Protection Bureau (CFPB).

“This breadth of data ensures that banks can onboard, monitor, and offboard third parties with unprecedented efficiency and accuracy, all while maintaining compliance with global regulatory requirements,” Peekel said.

“We leverage AI and natural language processing to not only provide risk insights but also simplify the visualisation of complex data.”

Stefan Peekel

Owlin for Banks comes at a time that the demand for AI solutions is surging, largely driven by a range of lawsuits and compliance issues at some of the biggest banks.

For example, the recent Bunq case agains the Dutch Central Bank was discussed within the industry around the world, setting a precedent as the judges in this case ruled that the use of AI is permitted in compliance processes.

Regulation and compliance

 By offering capabilities that transcend conventional search methods, Owlin said its new feature simply aims to “redefine” how financial institutions manage risk and comply with stringent regulations.

Peekel was keen to stress that “one of the key features of Owlin for banks is its seamless integration with existing banking tools and systems, enabling a smooth transition to this advanced solution without disrupting ongoing operations.”

Banks increasingly roll out tools and features that are powered by AI and other technologies, primarily to simplify their processes, detect fraud and streamline or automate their operations.  

This prompted Peekel to conclude that “this solution aligns with the current trends in AI adoption across the banking sector.”

Owlin’s new platform comes on the heels of the company’s deployment of a similar system for payment service providers, launched at the end of 2023, thereby pushing further in the governance, risk, and compliance space.

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