HSBC has expanded its partnership with Silent Eight, a RegTech firm that partners financial institutions to fight financial crime, with the implementation of the company’s Automated Alert Closure for Transactions, a solution that automates investigation and resolution of alerts in real time. The company already provides HSBC with name screening and adverse media automation solutions.
“In the realm of financial transactions, precision is paramount,” says Chris Pratt, group head of transaction screening at HSBC. “Working with Silent Eight is not only about driving efficiency in screening, but also about ensuring accuracy. Our further investment in Silent Eight technology underscores our strategy to deliver safe automation and improved outcomes for our customers.”
Ben Rayner, regional head for UKI and EMEA at Silent Eight, adds: “HSBC has demonstrated its ongoing commitment to operational excellence and innovation within financial crime. We are proud of our long-standing relationship with the company and its desire to adopt cutting-edge technology to reach its goals.”
Silent Eight uses AI to automate the alert screening investigation and closure process by replicating human reasoning and decision making based on historical case data and continuous learning. It helps financial institutions reduce false positives, increase accuracy, and enhance auditability of compliance operations. The company is headquartered in Singapore, has offices in New York, London, Warsaw, and Bangalore, and names not only HSBC, but also Standard Chartered and First Abu Dhabi Bank among its customers.
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