By Sarah Broughton
Pelican continues to cause waves in this fascinating article by Kimberley Long, at euromoney.com
The growing use of artificial intelligence (AI) and machine learning could dramatically reduce the amount of time and resources spent on sanctions checking.
In transaction banking, the focus on technological development has centred on the possibilities of blockchain technology. However, this has overshadowed the arrival of AI into transaction-banking platforms. AI and machine learning are helping to further reduce manual checks and processes.The first target for implementation is sanctions and compliance. As companies become increasingly international, irrespective of size, checking against sanctions has become an essential activity for more than just the MNCs. AI can learn through experience what can pass through the sanctions filter, and what compliance obligations need to be checked.
