Societe Generale deploys Palantir tech to combat financial crime
French lender Societe Generale has integrated anti-financial crime solutions from Palantir Technologies to enhance its international retail banking operations.
This includes the deployment of a suite of tools built on Palantir Foundry, which incorporates analytics and machine learning algorithms to spot and address financial crimes including money laundering as well as fraud.
The tech vendor said that the solutions are specifically designed to address the challenges faced by today's international financial providers.
Through this deployment, the French bank hopes to gain additional capabilities to handle financial crime-linked risks.
Commenting on the technology's implementation, Palantir France and EMEA executive and general manager François Bohuon said: 'With financial crime becoming ever more sophisticated, advanced data analytics and integration have become ever more crucial to effectively combating it.
'We are proud to be part of this critical challenge for one of Europe's most important financial institutions.'
In 2023, Palantir renewed its alliance with Italian banking major UniCredit for a further five years.
The collaboration saw UniCredit implementing the Palantir Foundry operating system to speed up its digital transformation.
The companies initially collaborated in 2018, with Palantir Foundry later extended to all CE&EE UniCredit Legal Entities and being utilised to handle strategic use cases across the group.
"Societe Generale deploys Palantir tech to combat financial crime" was originally created and published by Retail Banker International, a GlobalData owned brand.
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