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OMNIO: Automating Financial Crime Investigation with EIT Digital’s Support

Bulgarian Start-up OMNIO Revolutionizes Compliance and Fraud Detection

2 mins read

OMNIO, a Bulgarian start-up, has made significant strides in automating the process of investigating suspicious financial activity with the support of EIT Digital’s Venture Program. Recognizing the inefficiencies within bank departments when monitoring potential fraud or money laundering, OMNIO’s founder, Stoyan Lozanov, developed a system that automates decision-making processes while capturing suspicious activity. This innovation streamlines operations, enhances regulatory mechanisms, and significantly improves fraud detection in the financial industry.

Addressing Internal Inefficiencies: The Inspiration Behind OMNIO

As a team leader in financial institutions, Stoyan Lozanov witnessed the challenges posed by internal inefficiencies in monitoring suspicious financial activity. Compliance officers often spend excessive time on mundane tasks, limiting their ability to make critical decisions regarding warnings of potential fraudulent behavior. Recognizing the need for a holistic understanding of customers and their actions, Lozanov embarked on developing OMNIO, an automated system designed to mimic a compliance expert’s decision-making process while capturing suspicious activity.

Automating Compliance and Fraud Detection

OMNIO leverages automation to screen a vast number of transactions and identify potential issues, effectively capturing fraudulent actors. By consolidating all available data on individuals conducting business with banks or fintech companies into a comprehensive record, OMNIO optimizes regulatory mechanisms to prevent fraud, money laundering, and other financial crimes. The software generates compliance reports akin to those produced by human experts and suggests solutions when irregularities are detected. Through continuous self-learning powered by machine learning algorithms, the system progressively improves over time.

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Launching through EIT Digital Venture Program

OMNIO was launched in 2021 through the EIT Digital Venture Program, which focuses on European countries with moderate infrastructure for enabling innovation. As part of the program, start-ups receive support from concept development to the creation of a minimum viable product (MVP), market validation, and funding. The association with EIT Digital provided OMNIO with the necessary motivation and resources to transform their idea into a tangible company. The start-up developed its MVP through the program and subsequently conducted a proof-of-concept pilot for Alpha Bank in Greece, a significant milestone for an MVP operating in the financial sector.

Future Prospects and Industry Recognition

OMNIO has already acquired several clients, and Stoyan Lozanov anticipates further growth in their client base. The start-up has built promising partnerships over the past few months, and these collaborations are expected to yield significant results in the near future. Looking ahead, Lozanov envisions working with governments to assist in building the infrastructure necessary for compliance and regulation. OMNIO has successfully secured funding from prominent investors such as Vitosha Venture Partners, Ocean Investments, and Ivo Evgeniev, which has facilitated the international promotion of OMNIO’s innovative solution.

The Impact of EIT Digital

The launch of OMNIO through the EIT Digital program has played a pivotal role in the start-up’s success. Lozanov highly recommends EIT Digital’s programs to aspiring innovators, emphasizing the organization’s genuine commitment to supporting promising ideas and facilitating growth opportunities.

Conclusion: Revolutionizing Financial Crime Investigation with Automation

OMNIO’s groundbreaking approach to automating financial crime investigation has significantly enhanced the efficiency and effectiveness of compliance and fraud detection processes. Through the support of EIT Digital’s Venture Program, OMNIO has been able to transform its idea into a thriving company, establishing valuable partnerships and gaining recognition in the financial industry. With its continuous self-learning capabilities and commitment to improving industry knowledge, OMNIO is set to revolutionize compliance and fraud detection practices, making the financial sector safer and more secure.

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