By Tim Blackmore
Ten years ago, the concept of sending real time payments across borders for any amount was in the realms of fantasy, indeed even five years ago SWIFT had not announced GPI, their real-time payment initiative. Instant SEPA was on the drawing board and RTP and FedNOW hadn’t even sharpened their pencils.
In those ten years, fines related to non-compliance in the financial industry have exploded and compliance departments have grown out of all expectations.
The consequences of both have caused considerable concern amongst regulators and financial services organisations and indeed, FATF have recently recommended the usage of AI and Machine Learning to efficiently fight financial crime. And yet, most traditional sanctions screening solutions use technology invented in the 1960s.
Just think, when Vladimir Levenshtein developed his name distance algorithm in 1965, Leonid Breznev was leader of the USSR and Lyndon B Johnson was President of the US.
Fuzzy logic and Levenshtein distance, which generate a distance or variation risk score is the technology most Sanctions Screening systems use. Not exactly ‘state of the art’ unless you are a fan of Mary Quant or the Beatles!
In comparison, Natural Language processing was first demonstrated by IBM Watson in 2006, but in reality it came of age last decade with Siri; Alexa and Google Assistant.
The Pelican Secure Screening Solution incorporates our unique combination of all the latest AI technology; it uses NLP to ‘read’ your payment messages, Pelican’s expert knowledge system to speed up and make more accurate it’s efficacy and machine learning to continually learn and re-learn. Pelican can turbocharge your sanctions capability and in doing so reduce your risk of fines; reduce your need for additional staff and help you be more accurate and efficient for all types of payment messages, real-time or near real-time.
Why don’t you turbocharge your sanctions screening? Contact Pelican now.