Innovative application of AI secures win for Banking Circle at 2021 Banking Tech Awards

B2B Payments Bank wins Best Use of AI in awards showcasing the best of Banking Tech

London, 25th November 2021 – B2B Payments Bank, Banking Circle, secured another industry accolade as it won the Best Use of AI at last night’s 2021 Banking Tech Awards.

Banking Circle launched its Banking Licence in February 2020 and over the last two years has accelerated a programme of innovation to extend its proposition and service offering. Critical to the Bank’s success has been its focus on the use of AI to enhance the effectiveness of the AML processes applied to the transactions it handles on behalf of its clients.

Winning the Banking Tech Best Use of AI award underlines this focus, driven by Banking Circle’s Business AML and Advanced Analytics teams, led by Livia Benisty and Christian Karsten respectively. The clear objective has been to identify more complex patterns of suspicious behaviour whilst also increasing the efficiency and effectiveness of transaction monitoring. AI-driven transaction monitoring provides improved alert transparency via a translation layer, together with diversified and enriched ‘training’ data for Banking Circle’s transaction monitoring model.

“Banking Circle launched to provide solutions that allow banks and payments businesses to make cross border payments more efficient, cost effective and accessible to their corporate customers regardless of size and geography” explained Anders la Cour, CEO of Banking Circle Group.

“Compliance is a vital element of this vision. How we deliver it is an important value-add for our clients as we remove the need for internal resources dedicated to compliance with financial requirements in other jurisdictions – something that would stop many small businesses from expanding into other regions.

“We are therefore delighted to have secured this award which rightly acknowledges the efforts of our Business AML and Advanced Analytics teams.”