20 February 2018
visit www.ebaday.com

OCBC Bank's Open Vault paves the way for startup pilots

19 July 2017  |  10926 views  |  0 OCBC

Singapore's OCBC Bank has partnered with two graduates from its startup accelerator programme to apply artificial intelligence technology to counter money laundering.

The two companies - BlackSwan Technologies and Silent Eight - were part of the second Fintech Accelerator Programme run by OCBC Bank’s innovation unit, The Open Vault.

Taken together, the startups automate the process of researching customer profiles and analysing suspicious transaction flows between counterparties. At OCBC, this work is currently carried out manually by an internal compliance analyst, with the total time required lasting between one hour and a few days.

The bank says that the application of AI tools speeds things up significantly - for instance, the “desktop” component of the research can be reduced from one hour to just one minute - and can "increase the overall productivity of an analyst by 100%".

While Silent Eight helps to automate the desktop research process by compiling a 'dossier' on suspicious individuals, BlackSwan takes care of the suspicious transactions, mapping them to a network of related transactions to identify possible connections with other individuals or companies which may be atypical or previously unknown.

Alex Ng, head of the bank's group transaction surveillance unit that led the pilot says: “We saw great potential in these two fintech start-ups. The Open Vault at OCBC Fintech Accelerator Programme gave us the opportunity to work closely with the fintechs during a short burst of three months, to experiment by providing them with anonymised real data to see how the solutions can meet our needs. We were not disappointed.”

Besides the test runs with Silent Eight and BlackSwan Technologies, OCBC Bank also completed pilots with four other fintech start-ups in the accelerator programme, including the use of AI for life insurance purposes and in consumer marketing, and the creation of SME dashboards and smart financing tools.

Pranav Seth, OCBC Bank’s head of e-business, comments: “The Open Vault at OCBC continues to focus on bringing the bank and the external fintech ecosystem together. This year, we deliberately kept our focus narrow, addressing specific customer needs and business areas. Testing the various technologies using real customer data enables us to deliberate more effectively on how to bring these solutions to market to benefit our customers and strengthen our internal capabilities.”

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

OCBC Bank rolls out HR app and chatbot for employees

OCBC Bank rolls out HR app and chatbot for employees

05 June 2017  |  12467 views  |  0 comments | 12 tweets | 16 linkedin
DBS and OCBC push QR codes for mobile payments

DBS and OCBC push QR codes for mobile payments

26 April 2017  |  5903 views  |  0 comments | 7 tweets | 9 linkedin
Trust me, I'm a banker: OCBC exec takes lie detector test live on Facebook

Trust me, I'm a banker: OCBC exec takes lie detector test live on Facebook

07 April 2017  |  5646 views  |  0 comments | 5 tweets | 10 linkedin
OCBC Bank launches Emma, the mortgage chatbot

OCBC Bank launches Emma, the mortgage chatbot

05 April 2017  |  14812 views  |  0 comments | 12 tweets | 22 linkedin
OCBC Bank partners WeInvest for robo-advisory pilot

OCBC Bank partners WeInvest for robo-advisory pilot

07 March 2017  |  6999 views  |  0 comments | 8 tweets | 4 linkedin
OCBC pilots blockchain-based cross-border payments

OCBC pilots blockchain-based cross-border payments

14 November 2016  |  6547 views  |  0 comments | 4 tweets | 10 linkedin
OCBC enables cash transfers via Siri and iMessage

OCBC enables cash transfers via Siri and iMessage

28 October 2016  |  12675 views  |  0 comments | 12 tweets | 15 linkedin
OCBC Bank to begin customer trials of accelerator graduate apps

OCBC Bank to begin customer trials of accelerator graduate apps

04 August 2016  |  5137 views  |  0 comments | 4 linkedin
DBS to roll out voice authentication; OCBC to take biometrics nationwide

DBS to roll out voice authentication; OCBC to take biometrics nationwide

24 May 2016  |  7799 views  |  0 comments | 7 tweets | 12 linkedin
OCBC opens developer portal for API access

OCBC opens developer portal for API access

17 May 2016  |  6813 views  |  3 comments | 3 tweets | 11 linkedin
OCBC Bank launches fintech innovation unit and accelerator

OCBC Bank launches fintech innovation unit and accelerator

01 February 2016  |  6945 views  |  0 comments | 8 tweets | 1 linkedin
Singapore's OCBC lets customers send money to Facebook friends

Singapore's OCBC lets customers send money to Facebook friends

12 May 2014  |  10240 views  |  1 comments | 13 tweets | 21 linkedin
OCBC launches Gen Y bank

OCBC launches Gen Y bank

31 May 2011  |  14757 views  |  1 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.nextgenbanking.co.ukVisit www.vasco.comvisit www.swift.com/your-needs/instant-payments

Top topics

Most viewed Most shared
Saudi central bank provides sandbox for banks to try out Ripple techSaudi central bank provides sandbox for ba...
11699 views comments | 16 tweets | 12 linkedin
ABN Amro moves escrow accounts to the blockchainABN Amro moves escrow accounts to the bloc...
9316 views comments | 15 tweets | 13 linkedin
ECB launches staunch defence of cashECB launches staunch defence of cash
9149 views 10 comments | 22 tweets | 26 linkedin
Coinbase and Visa at loggerheads over erroneous charges on customer crypto accountsCoinbase and Visa at loggerheads over erro...
7850 views comments | 13 tweets | 11 linkedin
FCA explores creation of global sandboxFCA explores creation of global sandbox
7229 views comments | 19 tweets | 18 linkedin

Featured job

Find your next job