Financial services institution BNY Mellon has selected Behavox, an artificial intelligence (AI)-driven compliance solutions provider, to bolster its compliance programme.

Through the engagement with the AI-driven compliance solutions provider, BNY Mellon will be deploying Behavox Quantum.

Behavox Quantum was launched last year as an advanced compliance surveillance system to transform the way organisations detect and reduce risks through its advanced AI risk policies.

Founded in 2014, Behavox offers AI-driven compliance and security solutions to support businesses to proactively detect and mitigate human risks within the organisation.

The Canadian firm utilises large language models and generative AI to revolutionise the way compliance and security teams manage risks and secure organisational integrity.

BNY Mellon chose Behavox following an extensive evaluation process.

BNY Mellon global compliance assurance head and managing director Tom Wileman said: “BNY Mellon continues to find opportunities to tap into powerful and innovative technologies offered by firms like Behavox.

“Our experience is off to a good start with Behavox’s responsiveness, flexibility, and commitment to high standards of quality giving us confidence in them as a long-term partner.”

According to Behavox, BNY Mellon joins an increasing number of institutions in the financial sector that have selected Behavox Quantum to boost their compliance communications monitoring programmes.

Behavox chief revenue officer Nabeel Ebrahim said: “Behavox is honoured to work with an organisation like BNY Mellon, which values technological innovation and compliance with regulatory commitments. We are confident in delivering and expanding our solution at BNY Mellon.”

In September 2023, BNY Mellon joined forces with Swedish fintech company Trustly to roll out Bankify, an open banking payments solution.