Silent Eight, a leading Regtech firm, has announced an expansion of its partnership with HSBC to implement Automated Alert Closure for Transactions. This technology will automate the investigation and resolution of alerts in real time, boosting efficiency and accuracy in HSBC’s compliance operations. This marks a further investment by HSBC in cutting-edge technology to advance automation and digital enablement.
Silent Eight has been supporting HSBC with name screening and adverse media automation solutions, which have already helped the bank detect more financial crime with less friction. This new collaboration will enhance HSBC’s ability to tackle financial crime while improving customer outcomes.
Ben Rayner, Regional Head for UKI & EMEA at Silent Eight, expressed pride in the long-standing relationship between the two companies. “HSBC has demonstrated its ongoing commitment to operational excellence and innovation within financial crime,” Rayner said. Chris Pratt, Group Head of Transaction Screening at HSBC, echoed this sentiment, emphasizing the importance of precision in financial transactions and the need for accuracy in screening.
Silent Eight’s solution leverages artificial intelligence to replicate human reasoning and decision-making. By analyzing historical case data and continuously learning, the technology enables financial institutions to reduce false positives, increase accuracy, and enhance auditability of their compliance operations.
Silent Eight has a strong track record of working with major banks and insurance companies globally, including Standard Chartered and First Abu Dhabi Bank. The company’s headquarters are in Singapore, with offices in New York, London, Warsaw, and Bangalore.
This partnership between Silent Eight and HSBC is a testament to the growing importance of Regtech in the financial industry. As regulatory requirements become increasingly complex, financial institutions are embracing technology to streamline compliance operations and stay ahead of emerging risks.
The automation of alert closure for transactions will not only save time but also enable HSBC to focus its resources on more strategic initiatives. With the ever-evolving landscape of financial crime, it is crucial for banks to adopt cutting-edge solutions that can keep up with emerging threats.
By combining the best of humans and technology, Silent Eight’s advanced AI-powered solution is bringing efficiency, accuracy, and adaptability to HSBC’s financial crime programs. This expansion of their partnership marks a significant step forward in the ongoing collaboration between the two companies, which are united in their commitment to operational excellence and innovation.
As the world of finance continues to evolve, so too must the tools and technologies used to combat financial crime. Silent Eight and HSBC are leading the way in harnessing the power of automation and artificial intelligence to create a safer and more secure financial landscape for their customers.
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