Accuity and LexisNexis Risk Solutions, two companies that focus on different aspects of financial crime compliance, announced they are merging operations.
Both businesses are already owned by RELX, a London- and New York-listed provider of information-based analytics and decision tools for professional and business customers.
LexisNexis Risk Solutions is a data analytics provider for organizations seeking actionable insights to manage risks and improve results. Accuity powers compliant and assured client transactions to help build an interconnected and trusted financial ecosystem through financial crime screening, global payment services and financial asset verification and fraud prevention solutions for government benefit programs.
Aite Group senior analyst Colin Whitmore said the merger meets demand for broader RegTech solutions to compliance. “There is a growing industry-wide requirement for compliance, risk and payments solutions that seamlessly use and integrate with comprehensive, trusted and in-depth data sets,” he said.
Rick Trainor, CEO of business solutions at LexisNexis Risk Solutions, said, “Both companies share a common vision – enabling financial transparency and inclusion around the world using innovative technology and comprehensive data to help our customers control risk, enhance and empower compliance and optimize business processes.”
The proposed benefits of combining the companies are to leverage data and analytics in order to provide more comprehensive risk management and payment solutions; to provide better KYC and AML solutions; give clients more robust portfolio monitoring tools, and create new services.
LexisNexis Risk Solutions and Accuity will conduct business as usual in the short term while integration progresses.