Hummingbird Acquires LogicLoop, Opening the Door for Risk and Compliance Teams Seeking Seamless Data Integration and Automation
September 20 2024 - 8:00AM
Business Wire
The acquisition accelerates Hummingbird’s
mission to become the core operating platform for financial risk
and compliance teams.
Hummingbird, a leading provider of financial crime risk
management solutions, today announced the acquisition of LogicLoop,
a pioneer in no-code data integration and automation. The
acquisition marks a significant step forward in Hummingbird’s
mission to become the core operating platform for financial crime
fighters, empowering financial institutions to unify, explore, and
act on their risk and compliance data.
Data fragmentation continues to be the top challenge facing
financial institutions globally. Risk and compliance teams, in
particular, struggle to access their data and leverage it for risk
management and financial crime investigations, resulting in gaps
and inefficiencies. With LogicLoop’s innovative technology,
Hummingbird is poised to tackle this problem head-on.
“We envision a future where financial institutions can connect
any data source, instantly access the information using queries or
AI, and route it through automated procedures and into
investigations to seamlessly facilitate compliance work,” said Joe
Robinson, Co-Founder and CEO of Hummingbird. “This acquisition
brings that future into the present day, increasing the utility of
an institution’s data and enabling better decision-making for
financial crime fighters.”
The combined offering delivers:
- No-Code Integrations: The combined solution enables the
connection of internal and external data sources via no-code
integrations, reducing reliance on technical resources. Data fed
into Hummingbird can then be used to power automation and ad-hoc
exploration.
- Algorithmic Power: Hummingbird's acquisition of
LogicLoop expands customers’ ability to build, test, and deploy the
algorithms that power risk and compliance programs – on the fly and
without the need for technical expertise. This means customers get
immediate access to the data they need, allowing them to
simultaneously stay on top of emergent trends and new fincrime
typologies, flexibly adapting as situations evolve.
- Unified Operating System: The combined solution marks a
giant step forward in centralizing risk and compliance work into a
single operating system. Hummingbird is expanding its ability to
unify data, automation, and investigations, allowing in-depth
explorations of customer profiles and activities to be conducted
through data aggregation and visualization tools. Additionally,
information and decisions can be routed directly to any system
powering financial crime operations, bringing the full sweep of an
investigation under a single platform.
Use cases for this suite of customer benefits include assessing
customer risk, simplifying data exploration to identify trends, and
enriching existing data for deeper insights and more informed
decision-making. By empowering risk and compliance teams to set up
automated procedures on top of their data without the need for
engineering resources, LogicLoop enhances the existing Hummingbird
platform and offers even more ways to streamline their operations
and keep their institutions safe.
“I founded LogicLoop to empower operations teams to do more with
data – without relying on scarce technical resources,” said Jesika
Haria, Co-Founder and CEO of LogicLoop. “By integrating LogicLoop
into Hummingbird’s best-in-class compliance platform, more
financial institutions will be able to harness the power of data,
automation, and AI, gaining a competitive advantage in the fight
against financial crime.”
With the addition of LogicLoop, Hummingbird is set to redefine
how financial institutions handle risk and compliance, providing
greater access to data, simplifying and automating operations, and
enhancing decision-making to deliver more impactful outcomes.
About Hummingbird
Designed to streamline anti-money laundering, anti-fraud,
customer due diligence, and other compliance workflows, Hummingbird
allows financial institutions to drive efficiency – without
sacrificing accuracy or compromising on risk. A mission-based
company, Hummingbird is here to help fight financial crime. Today’s
criminals are sophisticated, tech-savvy, and agile. The tools used
to fight them should be too. To learn more, visit
hummingbird.co.
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Aaron Berger 917.355.8959 aaron@am.partners