Hybrid transaction monitoring systems recognised for enhancing AML processes through artificial intelligence and machine learning

London, 6th October 2023 – Recognising the value of Banking Circle’s AI-driven transaction monitoring expertise, the Payments Bank has been awarded the PAY360 award for Best Use of Payments Data or AI in Financial Services.

The 16th year of the PAY360 Awards have celebrated innovation and collaboration across the payments industry highlighting the companies that are making a positive difference. The Best Use of Payments Data or AI in Financial Services category recognises a company that uses Artificial Intelligence in Financial Services to bring tangible benefits for the end-user and the organisation.

Banking Circle has built an in-house AI-driven transaction monitoring solution for enhancing the effectiveness of its own AML processes. The hybrid solution combines AI, machine learning (ML) and traditional rules-based approach and is applied to all transactions.

“Unlike the traditional static system, the AI-driven model we have built can consolidate multiple risk factors at the same time, as well as their dependency on each other,” explained Livia Benisty, Chief Business Officer, Banking Circle.

“We know this system is bringing enormous benefits to our business, our clients and their underlying customers, and it is an honour to have this success recognised by such a prestigious awards programme. This win is testament to the hard work, dedication and innovation of our teams.”

Banking Circle continues to drive innovation in this area, and recently launched an in-house AI driven sanctions screening solution to complement the transaction monitoring tool and further enhance the AML strategy.