Tech-led Bank recognised for innovation and use of AI
London, December 2022 – Banking Circle, the next generation technology-led Payments Bank, has been shortlisted for two FStech awards: Best Payments Innovation and Best use of Artificial Intelligence in Financial Services. The well-renowned FStech awards, now in their 23rd year, recognise the UK and EMEA financial services providers demonstrating excellence and innovation. Winners will be announced at a ceremony in London on 16th March 2023.
“Banking Circle is committed to ongoing innovation, to ensure we provide our clients with the best possible solutions, for their underlying customers,” commented Laust Bertelsen, CEO of Banking Circle S.A. “Using the latest technology, machine learning and artificial intelligence we are tackling the inefficiencies and challenges in payments. Our cloud-based de-coupled architecture means we can react quickly to changing client demands, and provide ever-faster payments, particularly when compared to traditional banks that are anchored by legacy technology and processes.”
The digitalisation of global commerce has accelerated immeasurably and businesses can’t afford to be left behind by their payments processes. They need B2B payments partners that can help them trade cross-border without incurring significant cost or delays. Banking Circle has addressed the challenges by creating its own super-correspondent banking network, providing Banks and Payments businesses with direct access to clearing in multiple countries, for fast and cost-effective international B2B payments.
Pioneering the use of AI in AML, Banking Circle is challenging the traditional rules-based only approach to transaction monitoring. Since initial implementation three years ago, the Bank has continued to improve alert transparency with diversified and enriched training data, which has soared in the past 12 months. Banking Circle’s constant investment in AI in AML means customers have seen incredible benefits when it comes to compliance, reporting and, ultimately, clamping down on fraud and money laundering.
Laust continued, “To have our investment and innovation recognised by the prestigious FStech awards is a great honour, and is testament to the dedication of our engineers, product developers, tech teams and all other areas of the business who work together to develop, launch and maintain our market-leading propositions.”