The U.S.-based startup Cambridge Blockchain has been chosen as the winner of the BBVA Open Talent 2016 along with Precognitive, a proactive fraud prevention platform.

BBVA Open Talent focuses on the transformation of the financial world and explored innovative technological projects related to finance technology as well as projects affecting this industry that can influence its evolution in the transformation process.

According to the official release, the jury of the BBVA Open Talent 2016 edition heard the pitch of the 20 finalists to complete its evaluation and choose the final two winners. The projects ranged from various sectors in the banking and finance ecosystem including blockchain, payments, IoT, insurance, security, wealth management API’s, among others. The 20 finalists presented their innovative projects to the New York Next Money audience.

The identity management platform by Cambridge Blockchain enables financial institutions to streamline KYC processes for multinational clients. The platform eliminates redundant compliance steps while improving the record auditability and customer experience.

On the other hand, Precognitive platform combines behavioral analytics and device intelligence with a real-time decision engine to accurately detect and prevent fraud.