EastNets shows off new AI-based fraud and money laundering tools
Compliance and payments solutions business EastNets has launched a new artificial intelligence (AI) solution for detecting and combating money laundering and payment fraud.
It is also taking the opportunity at Sibos to showcase Swift’s global payments innovation (gpi) service, through which banks can provide cross-border payments, transparent bank fees and FX rates. It allows banks to credit payments to beneficiaries within seconds.
“Crimes such as money laundering cost the global economy between $1 trillion and $2 trillion dollars annually, or nearly 2% of global GDP. This underscores the need for institutions to commit greater resources to remain compliant, particularly through investing in technologies that embrace the latest technology – such as AI,” says Hazem Mulhim, EastNets’ CEO.
EastNets’ flagship SafeWatch PaymentGuard (ENPG) product is also on display. ENPG is an AI-powered, anti-fraud technology designed to disarm financial criminals. It detects and acts on fraudulent Swift payments using machine learning. The solution is able to tell the difference between genuine transactions and suspicious ones and reduces false positives, helping banks to lower costs and reduce human errors.
Other EastNets initiatives being featured at Sibos include its real-time anti-money laundering (AML) solution, EastNets SafeWatch360 Transaction Risk Radar (TR360); EastNetsSafeTrade, a new AML tool; and a product to help banks implement Swift gpi.
These tools join the growing cohort of machine-learning technologies designed to combat the efforts of cyber criminals. An IDC report has found global spending on cognitive and AI systems will grow to $19.1 billion in 2018.
By Daily News at Sibos contributor Alexandra Cain