Fincom is proud to annouce that it made it to the Fintech Hackathon Finals!
After competing with more than 230 projects from 75 countries, out solution for Anonymized search using “Phonetic Fingerprint” technology, developed and patented by Fincom.co.
Phonetic Fingerprint is Fincom’s patented technology based on Phonetics. It allows building a universal common denominator to create a solid background to compare the sound of written names in multiple (currently 40) languages against a target word (name) in real time.
ECOSYSTEM CROWD WISDOM jointly submitted at the Hackaton by Fincom & Finastra included the solutions for BAV/COP Anonymized Data Exchange with a vision to:
- Create a comprehensive vetted repository of Bank Account Owners
- Enable Incognito Search and Data Sharing between banks with secured privacy
- Enable Information Sharing to combat money laundering, terrorism financing and fraud
The above supports the following use cases:
- Auto-clearance of a payment beneficiary that has recently been checked and approved by a different bank in the eco-system
- Identifying Bank Accounts with unreasonable number of owners (spoofing), and
- Identifying ‘funnelint’ – high frequency of transactions involving the same or similar amounts
- and more.
The solution is based in the unique capability to anonymize and screen data entries (names) within and across various data silos in over 40 languages, ensuring anonymized search and exchange of data without violating the privacy while providing accurate results in real time.
