European Central Bank to partner with Squirro

The European Central Bank (ECB) is looking to use a new Artificial Intelligence (AI) solution made in the Greater Zurich Area. It has its sights set on deploying the platform developed by the Zurich-based start-up Squirro in order to comprehensively analyze unstructured data, further details of which can be found in a press release. In so doing, worthless data is transformed into actionable insights that should support executives in taking business decisions. In this way, risks should also be identified more promptly.

The solution from Squirro is already used by several central banks – for example the German Bundesbank and the Bank of England. “We work with some of the world’s biggest and best-known banks and regulatory institutions, confirming our position as a visionary and trusted Augmented Intelligence company”, comments Dorian Selz, CEO of Squirro.

At the same time as announcing its partnership with the ECB, Squirro also disclosed that it has agreed a takeover deal for open.exchange. The Texas-based start-up is a specialist in the area of AI, and this acquisition should boost the further development of the Squirro platform in addition to strengthening the company’s market position in the USA.