HSBC enlists Silent Eight AI to fight financial cybercrime

By Paddy Smith
Silent Eight announces multi-year deal with HSBC to support the bank in fighting financial cybercrime using AI tools...

HSBC has inked a multi-year partnership with AI company Silent Eight to improve its financial crime fighting efforts.

The bank was looking for a partner that could build on its existing statistical models and manual processes in a bid to decrease risk and increase efficiency.

Silent Eight claims its Alert Resolution tool can investigate and resolve cases in the same way an analyst would, but with greater speed, precision and consistency. After running a trial of the AI software, HSBC has decided to integrate Alert Resolution into its existing infrastructure.

Global volatility

HSB group head of compliance services Matt Brown said, “Given the growth in alert volumes, and unpredictable spikes driven by global volatility, we saw an opportunity with Silent Eight that would give us the ability to close alerts quickly and accurately.”

Silent Eight CEO and co-founder Martin Markiewicz said, “We're delighted to find a partner that shares our focus on eliminating financial crime. HSBC's dedication to this project is just one aspect of their tireless commitment to improvement, and to helping drive AI innovation across the industry. We're proud to partner with them on their mission to make the world safer.”

Ben Rayner, HSBC's global head of AML and sanctions screening, said, “Silent Eight's business case was extremely compelling. We have chosen their solution as we believe it will provide significant business benefits across all our success metrics.”


Featured Articles

Pick N Pay’s Leon Van Niekerk: Evaluating Enterprise AI

We spoke with Pick N Pay Head of Testing Leon Van Niekerk at OpenText World Europe 2024 about its partnership with OpenText and how it plans to use AI

AI Agenda at Paris 2024: Revolutionising the Olympic Games

We attended the IOC Olympic AI Agenda Launch for Olympic Games Paris 2024 to learn about its AI strategy and enterprise partnerships to transform sports

Who is Gurdeep Singh Pall? Qualtrics’ AI Strategy President

Qualtrics has appointed Microsoft veteran Gurdeep Singh Pall as its new President of AI Strategy to transform the company’s AI offerings for customers

Should Tech Leaders be Concerned About the Power of AI?


Andrew Ng Joins Amazon Board to Support Enterprise AI

Machine Learning

GPT-4 Turbo: OpenAI Enhances ChatGPT AI Model for Developers

Machine Learning