![]() Manual review of each message is time-consuming and error prone. SWIFT (Society for Worldwide Interbank Financial Telecommunications) is a massive messaging network used by banks to communicate sensitive information quickly and securely, such as money transfer instructions, international payments and acceptance of credit card payments. The first innovation detects suspicious SWIFT messages. Two significant projects to recently arise from the Center focus on keeping both bank and customer data safe. It has thus far collaborated with 26 bank departments on more than 40 projects. Here, too, innovation labs are on the job.įounded in 2018, Taiwan’s CTBC Internal Data and AI R&D Center now employs more than 100 people. Meanwhile, Deontic Data, incubated in Accenture’s Fintech Innovation Lab, co-founded by Accenture and the Partnership Fund for New York City, is working with data originators and providers to automate the data supply chain, and secure it in alignment with AML statutes.Īs Deontic Data illustrates, the need for data security aligns with AML compliance. Among the more than 200 startups accelerated by DIFC Fintech Hive is RegTick, a software platform that contains a regularly updated library of industry regulations and an intuitive interface to help organizations understand, and comply with, regulatory requirements. Deutsche Bank Innovation Center worked with WorkFusion to automate a number of AML processes safely and efficiently, along with onboarding tasks, mortgage processing and other bank operations that otherwise require a tremendous amount of manual work. Similar AML work is being undertaken in a variety of innovation hubs. Relio has developed an automated compliance system to perform these checks more quickly and precisely. Often, these same customers had their accounts frozen during mandated periodic AML screenings. Arduous and ineffective due-diligence processes coupled with the international flow of money left many would-be neobank business customers having to wait too long to open accounts. Relio technology automates AML compliance processes, particularly for neobanks. Among these is the Swiss fintech Relio, which has secured €3 million in investments for its AML tech stack. Several labs have fostered innovations designed to make AML compliance easier.īased in Zurich and Singapore, Tenity bills itself as a “global innovation ecosystem.” Acting as both an incubator and accelerator, it has thus far secured more than $370 million in funding for roughly 250 corporate alumni. Worldwide, banks are caught in a cycle of new crimes giving birth to new laws leading to ever-more-stringent know-your-customer (KYC) requirements. The anti-money laundering (AML) landscape is constantly evolving. This year, there are many new digital tools, of course, but we also found ingenuity in designing new financial products, education and training programs, marketing initiatives and more.įor our complete listing of the world's leading innovation labs, click here. Our sixth annual review of the World’s Best Financial Innovation Labs, we pull out the trends emerging from these industry-leading innovation centers. But AI isn’t the only technology driving change: machine learning, blockchain and cloud computing also continue to push the boundaries of what can be accomplished.Īnd not all innovations are technological. AI is even helping financial institutions navigate the compliance labyrinth. Whether trying to help banks penetrate new markets, improve overall operations or better secure data, many of the innovations to emerge in the past year from the notable fintech hubs, labs, incubators and accelerators examined by Global Finance depend on AI. But artificial intelligence-loosely defined as computing processes programmed to mimic human thinking and learning-is increasingly being used to solve thorny, near-universal challenges faced by financial institutions. It is an AI-generated answer to the question “What is Global Finance magazine?” Certainly, this is simple response to a simple query. Hey, look! Artificial intelligence works. "Global Finance is a well-respected publication in the world of international finance, known for its in-depth coverage, rigorous analysis, and insightful commentary on the latest trends and developments in the global financial landscape."
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