IBM closes Promontory acquisition
As Banking Technology reported in September, IBM planned the purchase to boost IBM Watson’s cognitive technology. IBM adds that the acquisition complements its industry platforms business. These platforms will integrate IBM Cloud, Watson and capabilities from across “digital ecosystems” of specialised providers.
With the deal now closed, Promontory’s employees will train Watson, which will learn by “continuously ingesting regulatory information as it is created and through interaction in real-world applications”.
This includes solutions for tracking “evolving” regulatory obligations, expectations and control requirements, as well as solutions that address specific compliance needs, such as financial risk modelling, surveillance and insider threat, and financial crimes including counter fraud, anti-money laundering (AML) and know your customer (KYC).
Promontory will operate as a wholly owned subsidiary of IBM. Promontory is headquartered in Washington, DC and has 600 employees; and 19 offices in North America, Europe, Asia, Australia and the Middle East.