iGTB, part of Intellect Design Arena has launched Release 16, a complete global transaction banking platform, including sanctions screening, and the extension of CBX (Corporate Banking Exchange) to Apple Watch and other smartwatch devices.
iGTB, part of Intellect Design Arena has launched Release 16, a complete global transaction banking platform, including sanctions screening, and the extension of CBX (Corporate Banking Exchange) to Apple Watch and other smartwatch devices.
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The cost of breaking sanctions is US$12 billion. This is the total provisions for breaking sanctions by banks worldwide according to a recent Morgan Stanley report. To help banks avoid such fines, iGTB has designed sanctions screening; an artificial-intelligence-powered solution that goes beyond current KYC methods by incorporating a natural-language contextual search of social media to construct a broader and more accurate view.
With KYC a primary concern yet current list-based screening deemed insufficient by regulators, banks must scan search engines, social media and other unstructured and un-auditable sources if they are to accurately identify high-risk clients and avoid this US$222 billion fine. In one example, 6% of a bank’s supposedly ‘clean’ names were discovered to be high risk. iGTB’s new solution leverages machine learning, artificial intelligence (A.I.) to help protect banks from commercial risk.
CBX, an omni-channel digital enterprise platform (configure-once, run-anywhere) used by businesses and corporations worldwide for the complete spectrum of transaction banking, takes a significant step forward in Release 16, with the popular solution extended to new devices including Apple Watch. CBX, leveraging Canvas Technology to define and design the electronic face of the bank, contains exciting new features including centralised fine-grain bank-grade entitlements, a payments pre-processor (e.g. for tanking future payments), a fees and charges module to allow bundled cash and trade volume discounting, online chat features, and biometric log-in as well as the customary enhancements to user experience.
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