Sumitomo Mitsui Banking Corporation Europe (SMBC) has partnered with RegTech firm Exiger to use its artificial intelligence (AI) powered Know Your Customer (KYC) technology.
Following an evaluation period, SMBC selected the DDIQ solution to deploy throughout its client onboarding and monitoring processes. The product understands and analyses content with cognitive reasoning to accelerate and enhance risk assessments of clients, investments, transactions, third parties and counterparties.
A statement from SMBC explained: “We are excited to work with a proven innovator in both explainable AI and financial crime compliance to enhance risk management, inform faster KYC decisions and improve the SMBC customer experience.”
Exiger claimed the solution will help SMBC reduce false positives in customer due diligence and boost operational efficiency by over 80 per cent.
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