Beam Solutions: Driving Compliance and Security through Machine Learning

Beam Solutions: Driving Compliance and Security through Machine Learning

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Benjamin Duranske, Co-Founder & CEO, Beam SolutionsBenjamin Duranske, Co-Founder & CEO
Businesses today are leveraging technology innovations such as cutting edge analytics, automation, and artificial intelligence (AI) to tackle the evolving challenges and augment their business outcomes. Solving compliance and anti-money laundering requirements with minimal IT overhead and lower cost is Beam Solutions, a company that offers scalable, cloud-based platform built on advanced machine learning as well as new social and geographic data sources. Beam’s team of seasoned industry experts in the areas of compliance, regulations, machine learning, and data science builds best-in-class compliance tools for banks, credit unions, and fintechs, among others. The company offers modular technologies that share the data within the platform to offer “Social Intelligence” that improves the decision making in managing compliance. With this Social Intelligence, users can better monitor transactions, detect suspicious activity, manage investigations, and report suspicious activities. Benjamin Duranske, Co-founder and CEO of Beam, is proud of the fact that their company is creating a fast, more efficient, and easy-to-use set of tools that allow modern financial services companies to operate fearlessly in the market despite the growing cybersecurity and compliance challenges.

The Beam platform offers a set of modules that includes data ingestion, detection, social intelligence, investigation and case management, and report filing. Through ingestion, the input data is securely sent to the Beam platform for processing. In the detection phase, Beam’s unique detection technology automatically monitors transactions and detects any suspicious activity. Next, the social intelligence module verifies the authenticity of data from online sources. In the investigation phase, the platform uses a collaborative workflow to analyze suspicious activities and manage fraudulent cases. Lastly, Beam files suspicious activity reports easily from the instances in the Beam Investigator.

Beam allows its clients to automatically generate and file regulator-approved suspicious activity reports through its suspicious activity reporting module

Beam’s offerings encompass functionalities such as transaction monitoring, identity verification, watchlist, KYC/ CCD, and suspicious activity reporting.To avoid unnecessary regulatory fines due to the lack of adequate safety measures, a financial institution or a fintech company can avail Beam’s transaction monitoring module to take a proactive and sophisticated approach to manage their transactions. Through Beam’s identity verification module, admins can track every new user, understand the change in every key customer attribute, analyze high-value transaction for unusual activities, and define new strategies based on their personalized needs. The watchlist functionality of Beam’s platform screens every transaction against a comprehensive set of sanctions and other watchlists that help clients meet their regulatory obligations and avoid hefty penalties. The capabilities of transaction monitoring and identity verification modules can further be expanded with Beam’s KYC/ CDD functionality.

Beam allows its clients to automatically generate and file regulator-approved suspicious activity reports through its suspicious activity reporting module. The module works seamlessly with other modules in the Beam platform and allows firms to monitor transactions flexibly. Beam’s API-based SaaS platform helps customers dramatically reduce false positives in transaction monitoring. Using state-of-the-art machine learning, Beam analyzes hundreds of factors related to millions of financial transactions to search for trends and activity that tend to be mala fide.

Having built an advanced platform for compliance monitoring, Beam has witnessed tremendous growth in 2018. The company is looking forward to expanding in all dimensions—employees, customers, and technology offerings—by the end of 2019 and make the world’s financial systems safer than ever.

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Benjamin Duranske, Co-Founder & CEO

Beam Solutions is a regulatory technology software company based in San Francisco, CA. The company's proprietary transaction monitoring technologies incorporate advanced machine learning and new data sources. Beam Solutions’ tools are designed to help banks, credit unions, and fintech customers to make their financial system safer and maximize the value and utility of critical compliance resources. The solutions they offer include transaction monitoring, identity verification, KYC/CDD, and watchlists among many others. The company's client base includes payment platforms, community banks, cryptocurrency firms, and other fintech organizations