Formica AI

Formica AI is a Turkey-based startup founded in 2020, specializing in AI, Analytics, Big Data, and Machine Learning. The company offers a risk orchestration platform designed to address challenges such as Fraud, KYC, AML, and Internal Audit. Formica's AI-powered solution enables companies to establish a data-driven culture by implementing event-driven use cases, gaining AI-powered insights, and deploying real-time automation. The platform's self-learning capabilities analyze customer behaviors and activities, leading to a reduction in the number of cases to be handled daily. Formica AI offers several compelling reasons for consideration, including the ability to manage all risk processes from a single platform, save costs and enhance operational efficiency by reducing false-positive cases, automate decisions with AI-powered fraud detection, and detect fraudulent activity in real-time. Furthermore, it facilitates the monitoring of millions of transactions from multiple sources in real-time. The company aims to assist organizations in optimizing their performance and conversion rates by alleviating the burden of fraudulent activity monitoring on employees and risk teams. While Formica AI's last investment and investors remain undisclosed, the company's all-in-one risk orchestration platform and AI-driven approach demonstrate promise for addressing the evolving risk challenges faced by businesses.