Silent Eight has announced that it will offer its powerful artificial intelligence (AI) solution for name, entity, and transaction alert adjudication on-demand, through the remainder of 2020.
The decision comes in the wake of the current and ongoing pandemic, which has placed significant constraints and challenges on banks and financial institutions (FIs).
These most notably include increasing and burdensome alert backlogs and unprecedented levels of cybercrime.1 The pandemic has also impacted the ability of both government and private sector institutions to meet their anti-money laundering and counter terrorist financing (AML/CFT) obligations.2
Silent Eight’s AI has historically been installed on-premise for Tier 1 institutions3 to solve name, entity, and transaction alerts. Now the solution will be widely accessible to a broader market, and across more sectors, as a means of providing immediate and ongoing backlog relief, without requiring a long term commitment.
The custom AI is configurable in as few as two (2) weeks via cloud deployment and offers a new way for banks and FIs to solve alerts in a scalable and agile manner in real time, regardless of external conditions such as COVID-19.
“Banks are already under so much pressure in ordinary times, especially as bad actors become more technologically savvy,” said Silent Eight CEO and Founder, Martin Markiewicz.
“But now, with the fast-changing global situation and most of us working remotely and moving to digital transactions, there’s heightened opportunity for financial cyber crime. With so much financial uncertainty fueling recessionary fears, the technology industry as a whole has a responsibility to protect the institutions that ensure the global flow of capital — and, as a byproduct, the world — from those looking to wreak havoc.”
Catherine Ashine, Nairobi, Kenya