7 December 2020 - Luminance, the leading artificial intelligence platform for the legal profession, has announced that Featurespace™, the leading provider of Enterprise Financial Crime prevention software, has deployed the Luminance platform to gain more insight and control over the company’s in-house legal processes.
Featurespace’s award-winning ARIC™ Risk Hub uses advanced machine learning and explainable anomaly detection to automatically identify risk, catch new fraud attacks and identify suspicious activity in real-time. The company, which protects over 30 major global financial institutions including HSBC, TSYS, Worldpay, RBS NatWest and Betfair, secured a £30m funding round in May 2020.
As it continues its global expansion, Featurespace requires a solution that assists in rapidly analysing the increasing volume of contracts it processes. Using Luminance, Featurespace’s in-house team are able to gain greater insight into their legal documentation including employment contracts, outside counsel guidelines and commercial sales agreements, all the while generating time and cost savings.
Luminance has seen dramatic growth in uptake by corporate customers looking for an advanced technology that will allow their in-house legal teams to quickly and comprehensively understand legal agreements across their enterprise. Features such as Luminance’s unique advanced document and clause comparison technology allows reviewers to select a ‘standard’ clause or document against which all other documentation is compared. In-house teams often use this feature to identify ‘non-compliant’ clauses when examining incoming contracts, but it can also be used to ensure regulatory compliance with new data privacy regulations such as the GDPR (General Data Protection Regulation) and the CCPA (California Consumer Privacy Act). By synchronising with Microsoft Word, Luminance allows users to use the insight generated by Luminance’s AI in order to modify and remediate documents, all from within the Luminance platform.
Further, with teams in London, Cambridge, Asia-Pacific and Atlanta, US, Featurespace were seeking a tool that would facilitate collaboration between their distributed legal team. Luminance’s easy cloud-deployment and project management tools, including the ability to allocate documents and tasks, share findings and track work progression, is vital in ensuring a seamless review process without any duplication of work effort.
Don Riddick, Chief Legal Officer at Featurespace, commented: “Our legal team selected Luminance to strengthen our contract and risk management by understanding our legacy contractual commitments in a fast and easily understandable way. As the world leader in machine learning and adaptive behavioral analytics, it makes perfect sense that Featurespace uses the best machine learning tools for its operations and for contract analysis, Luminance is the clear front runner. The technology has enabled the automation of initial contract review and allowed our efforts to be focused on clause analysis rather than rote drafting.”
Jaeger Glucina, Luminance’s Head of Sales, continues, “We are delighted to welcome Featurespace as Luminance’s latest customer. With many in-house legal teams struggling with the enormous quantities of contracts they are expected to review on a daily basis, Luminance is the most advanced solution for firms looking to accelerate and streamline in-house legal work.”
Luminance is currently used by over 250 law firms and organisations in over 50 countries. Luminance’s award-winning machine learning platform is deployed by over one-fifth of the ‘Global Top 100’ law firms and all of the ‘Big Four’ accounting firms.
About Featurespace – www.featurespace.com
Featurespace™ is the world leader in enterprise financial crime prevention for fraud and Anti-Money Laundering. Featurespace invented Adaptive Behavioral Analytics and created the ARIC™ platform, a real-time machine learning software that risk scores events in more than 180 countries to prevent fraud and financial crime.
ARIC™ Risk Hub uses advanced, explainable anomaly detection to enable financial institutions to automatically identify risk, catch new fraud attacks and identify suspicious activity in real-time. More than 30 major global financial institutions are using ARIC to protect their business and their customers. Publicly announced customers include HSBC, TSYS, Worldpay, NatWest Group, Contis, Danske Bank, ClearBank and Permanent TSB.
Luminance is the leading artificial intelligence platform for the legal profession. Founded by mathematicians from the University of Cambridge, Luminance has developed the Legal Inference Transformation Engine (LITE), the first true application of machine learning to the legal industry, combining pattern-recognition technology with supervised and unsupervised machine learning to read and understand human language. Luminance is used by law firms and in-house teams in over 50 countries around the world to improve processes such as due diligence, contract negotiation, regulatory compliance reviews, property portfolio analysis and eDiscovery. The company has offices in London, Cambridge, New York and Singapore.
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