NewTech Friday: OMNIO – Making compliance efficient, cost-effective & effortless
Bulgarian startup OMNIO is one of the five winners of the fourth edition of the LHOFT Catapult: Kickstarter program. Its Founder & CEO, Stoyan Lozanov, tells us about his AI-driven compliance investigator that can reduce clients’ costs and time spent on compliance by more than 70%.
Bulgarian startup OMNIO is one of the five winners of the fourth edition of the LHOFT Catapult: Kickstarter program. Its Founder & CEO, Stoyan Lozanov, tells us about his AI-driven compliance investigator that can reduce clients’ costs and time spent on compliance by more than 70%.
What led to the creation of OMNIO?
While working as a compliance manager in financial institutions, I noticed that while many bank departments monitor for potential fraud or money laundering, their efforts can be hampered by internal inefficiencies. Compliance officers frequently spend too much time performing mundane tasks rather than making critical decisions on the issues raised. There is a lack of a comprehensive picture of customers, their actions and transactions, and there is significant effort overlap between the operational, risk and compliance departments. I recognized that there had to be a better way, and since founding OMNIO, I have created the best tool for financial institutions to increase compliance efficiency.
Could you present OMNIO’s offer?
We offer the first CRM software for the financial crime compliance industry. Our key advantage is a synthetic investigator that performs more than 90% of the tasks and decision making of compliance officers. OMNIO’s software combines:
● enhanced due diligence / customer due diligence
● automatic periodic monitoring
● transaction monitoring
● PEP, sanctions and adverse media screening
● fraud detection
Because our software is completely modular, we can provide these features separately or in combination, depending on the needs of the financial institution. OMNIO unifies and optimizes regulatory mechanisms that prevent fraud, money laundering, and other financial crimes by combining all available data about each person doing business with a bank or fintech into a single comprehensive record.
When irregularities are detected, the software is designed to generate the type of compliance report that an expert would write and to suggest solutions. Furthermore, the system teaches itself and improves over time.
Machine learning is being used to better understand the thinking of compliance officers in various financial institutions. To begin, the system is given knowledge, but it also learns as it interacts with users.
What's coming next for OMNIO?
OMNIO already has a number of customers, and that count is expected to grow significantly in 2023. We would like to work with governments as well in the future, to help them build the necessary infrastructure for global compliance and regulatory efficiency. Our vision is to help bring financial crime to its end.
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