Hummingbird Acquires LogicLoop

UK-based financial crime risk management solutions provider Hummingbird has acquired no-code data integration and automation firm LogicLoop.

This change is expected to enhance the way financial institutions deal with their risk and compliance data in a bid to increase effectiveness and effectiveness in the tackling of financial crimes.

The acquisition solves a major problem that is prevalent in the financial industry, that of data siloes.

It was also found that many risk and compliance teams have a problem with data accessibility and utilization.

Jesika Haria, Co-Founder and CEO of LogicLoop said:

“I founded LogicLoop to empower operations teams to do more with data – without relying on scarce technical resources, 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.”

Thus, with the help of LogicLoop’s technology, Hummingbird plans to facilitate this process and enable institutions to link different data sources, automate processes, and enhance investigations of financial crimes.

The improvement in the platform of Hummingbird means that institutions can put algorithms into practice without the need for coding, which will enable teams to adjust to new threats.

Also, this unified system will consolidate risk and compliance functions, which will facilitate the analysis of customer profiles and identify trends.

The result of the combined solution is that financial institutions can establish automated operations and increase the value of data they collect for decision-making.

LogicLoop acquisition has placed Hummingbird in a strategic position in the sector to offer the necessary tools to financial institutions to run their businesses more efficiently and effectively to counter the fight against financial crime.