has announced the acquisition of Philadelphia-based HeavyWater, a provider of artificial intelligence and machine learning (AI/ML) to the financial services industry. Black Knight will be integrating AIVA into its premier solutions, while also making the technology available to clients who seek to deploy AI/ML within other parts of their organizations to help enhance efficiency, effectiveness and accuracy.
“With the cost of origination and servicing at, or near, all-time highs, AIVA is poised to help increase efficiencies for Black Knight clients,” said Anthony Jabbour, Black Knight’s Chief Executive Officer. “AI, machine learning and neural network solutions are the future of delivering enhanced productivity and capabilities to our clients, and we are very excited about the potential HeavyWater has to offer. Now, with HeavyWater a part of Black Knight, we’ll be able to apply this groundbreaking technology at scale and pursue our shared goal of transforming the industry.”
AIVA reads, comprehends and draws conclusions based on context to mimic cognitive thinking and build expertise over time. HeavyWater has been providing this solution to help lenders verify income, assets and insurance coverage, which are traditionally manual activities that take hours to complete and are prone to error. Clients benefit from accelerated processes and reduced expenses as AIVA gains experience and manual routines are automated.
“Our focus has always been on pioneering research in machine learning and artificial intelligence and applying it to the financial services industry,” said Soofi Safavi, Chief Executive Officer of HeavyWater. “By using sophisticated neural networks and ‘contextual knowledge’ to continuously improve AIVA’s learning and performance, we’ve helped our clients save money, increase efficiencies and reduce turn time.”