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All transaction monitoring platforms build profiles of some description. All transaction monitoring platforms rely upon the organisation to properly prepare, cleanse and parse the data. They also ask for this data to be mapped to a specific format, to be told which accounts belong to which customers and for all customer IDs to be unique.
This is great, but in reality, data is never this clean and many customers have more than one ID. This means that transaction monitoring platforms are fed, through no fault of their own, incorrect data. In turn, this means incorrect profiles are built and the system either misses something or produces a false positive.
The situation is compounded for international payments and correspondent banking where one, and sometimes both, of the customers involved are not customers of the bank or financial institution.
At Quantexa, entity resolution correctly identifies multiple internal customers which are the same individual. We can also resolve the foreign party of international transactions and provide a consistent ID for that party for profiling.