Name Matching Solutions for FinTech Industry
​Comparing names or strings in technical talk, could be easier. Just look at the two names and see if it is similar. However, making computers to do that is pretty hard. NaturalText with Graph AI, can solve it with speed and scale.
Name Matching In FinTech Industry.
​
Name Matching In FinTech Industry is more about just comparing names. It is about finding fraud, detecting similar names and enabling people to get access to funds faster. It all starts with KYC or filing applications for opening bank accounts or loans. Companies wanted to verify the names in the applications and identification matches. Then if the applicant's name was already in the database. This means searching the entire database of names for names similar to applicants name and comparing it.
Comparing two names or strings itself is a time consuming task. Searching the entire database for similar names would take a lot of computing power and time. Companies restrict the search with local or area along with types to request so that the search would be possible.
Current Solutions employ distance based algorithms for finding the match. As the searching in the entire database would take a lot of computing power, the Name Matching API won't offer that. Another issue with distance based algorithms is that there is no explanation about what parts match and what parts dont match.
NaturalText Solution is based on Graph based algorithms and AI. Instead of distance based methods,
NaturalText uses symbols based graph matching for one-to-one match. For all-against-all comparison NaturalText uses AI based methods to find the nearest match. This match is approximate matching. Then the final results are compared again as a one-to-one match to find the similar names.
​
Benefits for the companies are above cost and time. It enables companies to run more searches and ensure compliance with stringent requirements in the FinTech industry.
For banking operators, NaturalText offers detailed results. Matched parts, Not matched parts or remaining parts along with score of that match. This ensures that loan approvers or verifiers can just a second for the decision. They dont have to work out the results every single time. NatuarlText AI does that for them.
​
With speed on the common CPUs servers, the application can be either deployed locally or hosted in the cloud. Results along with all the parameters logged and stored for future audits.
Contact info@naturaltext.com for getting started.