Info-tech

SAS partners with Citi, EY to digitise compliance using AI

Mirza Mohammed Ali Khan Dallas | Updated on April 30, 2019 Published on April 30, 2019

Software and analytics company SAS Institute has partnered with Citi and EY for the NextGen project, which uses artificial intelligence (AI) to develop a risk analytics scoring engine.

This project aims to streamline manual processes used for reviewing global trade transactions to ensure compliance with regulations.

EY’s risk and technology consulting experience, along with SAS Institute’s analytics platform, will help Citi digitise its trade compliance processes and reduce the overall time taken, company officials said at the SAS Global Forum here.

“We process nine million transactions annually, and the NextGen project will help us optimise our processes from the back office to the front, by expanding the use of digitisation, automation and advanced analytics,” said John Ahearn, Global Head of Trade, Citi Treasury and Trade Solutions.

The NextGen project intends to analyse global trade transactions in depth and can be scaled to deal with high volumes of daily transactions. It will use advanced analytics and natural language processing to understand networks of related parties, unstructured data and customer activity better. The platform from SAS intends to automate the process that combines analytics and bank policies to escalate transactions that may need further investigation.

“Banks face almost overwhelming scale and complexity in the trade-finance sector and in compliance activities. SAS’ sophisticated analytics platform will help Citi drive more effective and efficient monitoring of trade transactions,” said Stu Bradley, Vice-President of Fraud and Security Intelligence, SAS.

“The resulting performance and enhanced risk insights should lead to a better risk posture, improved response times, and reduced operational costs,” Bradley added.

Citi has already been using optical character recognition to digitise trade-related pages, and the NextGen platform will use AI to further automate processes.

“This real-time solution will help us detect transactions with potential compliance concerns, more efficiently,” said Valeria Sica, Global Head of Trade Services, Citi Treasury and Trade Solutions.

The writer is in Dallas at the invitation of SAS Institute

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Published on April 30, 2019
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