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Banking Circle secures double win in Nordic DAIR Awards 2022

Payments Bank recognised for innovation in Analytics and Artificial Intelligence

London, December 2022 – Luxembourg-based Payments Bank, Banking Circle, has won two 2022 Nordic DAIR Awards: Best AI Start-up and Best use of Predictive/Prescriptive Analytics of the Year. The Nordic DAIR Awards, from Hyperight, recognise and validate the ingenuity, commitment, persistence and success of data and AI-driven organisations. Winners were announced at a ceremony on 7th December in Stockholm and online.

“It is an honour to have won these two prestigious industry awards,” commented Laust Bertelsen, CEO of Banking Circle. “Three years ago, we started building what is now an award-winning in-house, industry-leading AI-driven transaction monitoring solution for enhancing the effectiveness of AML processes. Our hybrid solution combines the best of artificial intelligence, machine learning and the traditional rules-based approach and is applied to all transactions we handle on behalf of clients. This year the solution reached its peak efficiency to date.”

Banking Circle’s Advanced Analytics team focuses on the use of artificial intelligence (AI) and machine learning (ML) to enhance the effectiveness of Anti-Money Laundering processes, and has been able to both reduce the incidence of false positives and identify more potentially suspicious patterns by an order of magnitude. The AI-driven in-house solution for transaction monitoring comes with improved alert transparency and explainability via an internally developed translation layer for Banking Circle’s transaction monitoring model.

“Applying AI and ML in tandem with a set of targeted rules enhances the effectiveness compared to the traditional automated AML processes, freeing up resources to focus on other areas such as customer relationships” continued Laust Bertelsen. “This double win recognises the important work we are doing to help protect our clients and their underlying customers, and is testament to the hard work and dedication of our entire team, including Product, Sales and Engineering as well as the Advanced Analytics Team itself.”

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