Black Knight has announced its purchase of HeavyWater, a provider of artificial intelligence and machine learning (AI/ML) to the financial services industry.
As part of the acquisition, Black Knight will integrate HeavyWater’s AIVA product into its offerings and make the technology available to its clients seeking to deploy AI/ML in their organizations. The AIVA product leverages AI/ML to perform operational functions more efficiently and effectively than traditional methods.
“With the cost of origination and servicing at, or near, all-time highs, AIVA is poised to help increase efficiencies for Black Knight clients,” Black Knight CEO Anthony Jabbour said. “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 mimic cognitive thinking and builds expertise over time as a result of its capability to read, comprehend, and draw conclusions. The product has been used to verify income, assets, and insurance coverage. As these manual activities are time-consuming and prone to error, the technology helps clients accelerate processes and reduce expenses.
“Our focus has always been on pioneering research in machine learning and artificial intelligence and applying it to the financial services industry,” HeavyWater CEO Soofi Safavi said. “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.”
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