Banking Circle awarded ‘Most innovative use of AI /ML: most impactful project’ at IBS Intelligence Global FinTech Innovation Awards 2021

B2B Payments Bank collects another accolade for its pioneering AI AML efforts

London, 16th December 2021 – Payments Bank, Banking Circle, has secured another award as it is named winner of the ‘Most Innovative Use of AI /ML: Most Impactful Project’ at the IBS Intelligence Global FinTech Innovation Awards 2021.

Since achieving its Banking Licence in February 2020, the company has continuously invested in innovation to enhance the value provided to clients. This includes undertaking a significant project into AI and how it can facilitate greater AML capabilities for cross border transactions.

Leading the initiative is Livia Benisty, Head of Business AML, and Christian Karsten, Head of Advanced Analytics, whose teams are pioneering how AI can challenge the traditional rules-based only approach to transaction monitoring. Consequently, Banking Circle has developed a tool that can assess multiple risk factors at once, as well as their dependency on each other. This enables it to oversee a much greater number of transactions and identify suspicious patterns that could be a red flag of money laundering.

“Our aim is for cross border transactions to take less than five minutes and costs less than five cents,” explained Anders la Cour, CEO of Banking Circle Group.

“As one of most innovative players in the market, it’s only right that our AML capabilities break from the traditional rules-based approaches. A new digital era requires new thinking, and we’re proud of the work we’ve done so far in the AI AML space.

“We are delighted that our efforts have been recognised with this award win. Huge congratulations to the team.”