Saffron Partners with ManTech International Corporation to Fight Fraud in the Financial Services Industry
Cary NC, September 8, 2014 –
Saffron Technology, which combines the power of computing with brain-like intelligence to extend Fortune 1000 companies’ ability to illuminate the knowledge that matters in all data and make more informed and accurate decisions, announced today that it is entering into a partnership with ManTech International Corporation to deliver its cognitive computing platform to the financial services industry.
“Fraud has evolved and lawbreakers are getting more sophisticated and elusive,” explained Saffron CEO Gayle Sheppard. “Traditional rules-based systems are no longer sufficient to detect and anticipate fraudulent behavior. Saffron’s Natural Intelligence Platform unifies both structured and unstructured data to continuously learn about new and adapting patterns through a model-free approach. Now our customers can anticipate new forms of fraud and stay several steps ahead.”
“ManTech’s experience in cyber operations, threat intelligence, and the identification of anomalies in large and complex data sets, coupled with Saffron’s capabilities in fraud intelligence and operational intelligence, creates a formidable weapon in detecting fraud and anti-money laundering activities in the financial services industry,” stated Ted Luchsinger, executive director of ManTech Commercial Services. “In particular, Saffron’s unique ability to unify data from multiple sources–whether structured or not–is truly a game-changing advancement in cognitive computing.”
Saffron and ManTech’s joint offering is ideal for financial institutions concerned with reducing fraud, such as private equity and venture capital groups, hedge funds, banks, and insurance organizations. The Natural Intelligence Platform combats money laundering, waste, and abuse; reduces false claims; and improves quality and regulatory compliance.
More About Saffron’s Natural Intelligence Platform
Saffron combines the power of computing with brain-like intelligence to make sense of data and anticipate future trends and events. Saffron’s Natural Intelligence Platform mimics our brain’s ability to associate people, places and things in context, but at scales that far exceed human capabilities. Saffron ingests data from disparate sources and automatically connects the dots to illuminate the knowledge that really matters. Every time new data is received, Saffron builds associations with existing memories to find new patterns, similarities, anomalies or sequences, revealing new information that would have remained undetected otherwise. Saffron learns incrementally and adapts in real-time from new incoming data and human feedback.
Saffron integrates with an organization’s existing analytics architecture to not only enhance the speed and volumes at which data can be converted to usable knowledge but also critically improve the accuracy of results. Saffron’s customers have applied our platform to a number of hard problems, supporting decision making, diagnostics and anticipatory predictions in such areas as anticipating market trends, optimizing processes, identifying extraneous costs, mitigating operational risk and threats, personalizing customer experiences or finding new revenue streams.
Saffron’s Natural Intelligence Platform is commercially deployed for real-time operational risk intelligence and decision support in defense, energy, healthcare and manufacturing. Risk management applications are numerous including cognitive classification, time-based similarity and anomaly detection, event-based similarity and anomaly detection, explanatory root-cause, sequence and novelty detection and strength-based network analysis.
In March, Saffron announced the completion of a $7 million series B round of venture capital, which will also fund a new global headquarters in Silicon Valley.
About Saffron Technology
Saffron Technology combines the power of computing with brain-like intelligence to make sense of data and anticipate future trends and events. The platform learns incrementally and adapts in real time, ingesting data from disparate sources and automatically connecting the dots to illuminate the knowledge that really matters. Saffron enhances the speed and volumes at which data can be processed but also critically improves the accuracy of results. Businesses using Saffron can anticipate market trends, optimize processes, mitigate risk, personalize customer experiences or find new revenue streams. Founded in 1999, Saffron Technology is headquartered in Los Altos, California. For more information, please visit www.saffrontech.com.
About ManTech International Corporation
ManTech is a leading provider of innovative technologies and solutions for mission-critical national security programs for the intelligence community; the Departments of Defense, State, Homeland Security, Energy and Justice, including the Federal Bureau of Investigation (FBI); the health and space communities; and other U.S. federal government customers. We provide support to critical national security programs for approximately 50 federal agencies through approximately 1,000 current contracts. ManTech’s expertise includes cyber security; command, control, communications, computers, intelligence, surveillance, and reconnaissance (C4ISR) solutions and services; information technology (IT) modernization and sustainment; intelligence/counter-intelligence solutions and support; systems engineering; healthcare analytics and IT; global logistics support; test and evaluation; and environmental, range, and sustainability services. ManTech supports major national missions, such as military readiness and wellness, terrorist threat detection, information security and border protection. Additional information on ManTech can be found at www.mantech.com.