No mystery as BB&T invests $5m in data firm Enigma
BB&T Corporation has made a $5 million investment in Enigma, a Data-as-a-Service company headquartered in New York City.
Watch out for some AML magic
Enigma is already providing “enhancements” to BB&T’s anti-money laundering (AML) controls and is expected to “spur innovation and cost-savings” in other areas of the company.
BB&T chief digital officer W. Bennett Bradley says: “We believe there is more potential for Enigma to enhance other data-driven processes within the company for the ultimate benefit of our clients and shareholders.”
In terms of BB&T’s AML control framework, Enigma offers analytics with data capture and management capabilities. It has also introduced enhanced metrics and reporting.
Earlier this year, BB&T announced it was setting aside up to $50 million to invest in and/or acquire emerging digital technology companies. BB&T operates more than 1,900 financial centres in 15 states and Washington, DC.
Other organisations that use Engima’s services includes Merck and PayPal.
