NTT Data comments on Standard Chartered investment in Silent Eight’s AI
By Robin Amlot
Silent Eight, a FinTech using Artificial Intelligence (AI) to combat money laundering and terrorism financing, has completed a new round of early-stage funding, bringing the company’s total capital raised to $15 million. In November 2019 the company raised an oversubscribed $6.2 million in Series A funding.
Josep Alvarez, Head of UK Banking Practice, everis UK – an NTT DATA company – commented: “In a sector facing rising transaction volumes and ever more sophisticated criminal activity, not to mention steep costs for non-compliance, investors are flocking to firms like Silent Eight because they offer cutting-edge solutions which empower FSI businesses to tackle the sector’s biggest problems head on”.
Alvarez added: “Silent Eight is an innovative player in a thriving ecosystem of artificial intelligence solutions for banking. Indeed, AI is rapidly becoming one of the most potent weapons in the fight against financial crime. AI augments the capabilities of over-stretched risk teams, screening financial transactions for unusual activity in a fraction of the time of a human worker and allowing banks to identify suspect cases much faster. We are clearly noticing a consistent trend on the application of AI among the software vendors focused on Fraud detection, KYC and AML processes.
“Standard Chartered’s long-term investment in Silent Eight is the latest in a long trend of industry incumbents turning to the tech sector to remain competitive. Over the next five years, investment in AI only looks set to grow as banks embrace it right across their operations, from security to the automation of manual processes – one Autonomous Next report estimated $447 billion cost savings for banks from AI by 2023.”
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