Artificial Intelligence Finance News

HSBC and Silent Eight Expand Machine Learning Partnership

HSBC and Silent Eight Expand Machine Learning Partnership

Silent Eight announced an extension to its existing partnership with HSBC to tackle financial crime.

The new service will cover the deployment of Negative News Screening that leverages machine learning to identify individuals who pose a greater risk for money laundering, fraud or terrorist financing. As financial crime continues to present a challenge, banks need to pivot to an increased use of Machine Learning within compliance, and move away from manual processes or alert scoring.

Latest Fintech News: TD Bank Announces Multi-Year Extension of Credit Card Partnership with Nordstrom

Silent Eights’ solution provides a more effective approach to address true matches and resolve the issue of false identifications. With this expansion, Silent Eight will be solving name screening matches across every risk type within HSBC.

“HSBC is dedicated to drive AI innovation in the financial services field, and with Silent Eight’s capabilities, we continue our focus on tackling financial crime more effectively and make the industry safer. We are excited to see the value that they will create by integrating Negative News screening into our platforms,” said Mark Turkington, Group Head of Financial Crime Detection.

Latest Fintech News: SUNRATE Announces Strategic Partnership with Agoda

Silent Eight CRO, Matt Leaney, said, “Working with a technology leader like HSBC who is embracing machine learning within compliance is a pleasure for us. It is a true partnership of shared goals and interests, we look forward to deepening our relationship and supporting their goals for many years to come.”

Latest Fintech News: Bitget Launches BitGator – Indian Ambassador Program For Crypto Enthusiasts

[To share your insights with us, please write to sghosh@martechseries.com]

Related posts

Paysafe and ARC Partner To Deliver Innovative Payments Solution For Airlines

Chandni Maske

BlockFi Survey Reveals Nearly 1 in 3 Women Plan to Buy Crypto in 2022

Fintech News Desk

SA Fintech Enables Electricity, Airtime and Data Purchases Using BitcoinSV

Fintech News Desk
1