Aiimi wins £1.3m data analytics contract with FCA

The UK’s Financial Conduct Authority (FCA) has signed a contract worth £1.3 million with data analytics company Aiimi.

The FCA contract runs until April 2024

The three-year contract involves the deployment of a platform for data collection and storage. The FCA first advertised its need for a new data discovery engine in May 2021.

Aiimi says its system will enable FCA workers to bring together a variety of information sources across multiple internal databases in differing formats.

The vendor claims its insights software is fitted with machine learning algorithms, which can create and set up alerts for risk parameters.

Aiimi is deploying its systems in the FCA’s cloud environment, and integrate with the regulator’s enterprise data platform.

“Organisations are looking for new, better ways to become data-driven and take control of their information,” says Steve Salvin, Aiimi CEO.

“Insight engines offer a powerful solution to the challenge of discovering relevant, interconnected data and getting instant actionable insights precisely at the moment you need them”.