Citi launches NextGen AI compliance project
Global bank Citi has launched an initiative with EY and SAS to use artificial intelligence (AI) to develop an advanced risk analytics scoring engine, reports Jane Connolly.
“More efficiently detect transactions with potential compliance concerns up front”
NextGen will draw on EY’s business, risk and consulting experience and SAS’ advanced analytics platform to streamline the process of reviewing high volumes of global trade transactions and ensuring regulatory compliance.
Many organisations still rely on manual, paper-based processes that are very time-consuming. Citi processes nine million transactions annually – by expanding the use of digitisation, automation and advanced analytics, the bank hopes to optimises processes from the bank office to the front.
“This real-time solution will help us to be able to more efficiently detect transactions with potential compliance concerns up front,” says Valeria Sica, global head of trade services for Citi’s Treasury and Trade Solutions.
She adds: “This solution assists in managing and comparing a large number of data points across current and prior transactions, which will provide more context and usable data to aid the decision maker in reviewing global trade transactions, which has traditionally been a very manual process across the industry.”
Citi’s Global Trade business’s digital strategy has included using optional character recognition (OCR) to digitise over 25MM trade-related pages annually and now, using AI to automate manual processes.
The NextGen platform, powered by SAS, will provide in-depth, scalable analysis, including natural language processing to help decision makers understand networks, unstructured data and customer activity over time.
