Wayne-based QuantaVerse, makers of an artificial intelligence-based platform that tracks risky financial transactions, landed a new client in Cathay Bank, a California-based Chinese-American bank.

The bank will deploy a suite of QuantaVerse’s software solutions to streamline its anti-money-laundering (AML) compliance and financial crime investigations. For context, Cathay Bank — founded in 1962 — says it’s the oldest Chinese-American bank and has close to 65 branches across the U.S. and Asia.

What helped make the sale? The artificial intelligence system will help Cathay Bank rely on tech to reduce costly, manual investigations into possible financial crimes. Instead, the machine learning/AI combo will identify patterns and give analysts timely alerts on high-risk activities.

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