EastNets to combat financial crime with artificial intelligence
en.SafeWatch PaymentGuard solution incorporates artificial intelligence and machine learning
EastNets, compliance, risk and payments solutions provider, has announced it has integrated artificial intelligence (AI) capabilities across its solutions.
The company's en.SafeWatch PaymentGuard (en.SWPG) is an AI-powered anti-fraud solution that detects and acts on fraudulent SWIFT payments, based on machine learning capabilities. The use of AI aims to reduce operating costs and the reliance on human operations.
The solution optimises the accuracy of its models, separates genuine transactions from suspicious ones, helping to reduce the number of false positives.
Hazem Mulhim, CEO, EastNets said: "Artificial intelligence is building on old, static, rule-based systems in compliance and risk management solutions by automating customer onboarding, watch list filtering and fraud detection.
"en.SafeWatch PaymentGuard tackles the rising risk and magnitude of payments fraud in the financial industry by classifying transactions according to past patterns in order to detect anomalous or suspicious transactions.
"The shift in the global regulatory environment is reshaping innovation in RegTech companies, and en.SafeWatch PaymentGuard places EastNets right at the forefront in leveraging this technology to prevent payments fraud," he concluded.