HSBC enlists Silent Eight AI to fight financial cybercrime
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.
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.”