Global Screening Services (GSS) and Silent Eight, have today announced that following a competitive selection process, Silent Eight’s flagship AI technology “will power sanctions adjudications in the GSS platform.”
By implementing Silent Eight’s machine-learning platform (Iris), GSS will “adjudicate false positives while at the same time surface potential true risks quicker.”
The result will “be significantly improved sanctions screening; both in preventing sanctioned individuals from moving money whilst also speeding up the millions of legitimate international payments that are delayed each year.”
Global Screening Services (GSS), a RegTech innovator “focused on financial transactions screening has over the last two years partnered with leading financial institutions around the world to create a new collaborative approach to compliance, initially focusing on sanctions screening.”
In October, a partnership with SWIFT was announced, which will “provide expertise on security and data privacy, along with sanctions-specific support.”
The GSS model “offers a significantly streamlined process using a centralised screening platform leveraging cutting edge technology – including Silent Eight’s AI engine – to provide sizeable benefits in managing the complexity of screening millions of transactions and the duplication of effort across financial institutions.”
The GSS platform “materially reduces friction for banks’ customers, speeds up transactions and improves and establishes new standards.”
Tom Scampion, CEO of GSS commented:
“Sanctions screening is both an international security imperative and a material source of friction in the global financial system. Our collaborative solution creates a new standard for transaction processing that improves standards and tackles friction. We’re delighted to be partnering with Silent Eight to bring its adjudication platform into our ecosystem to help address this global challenge.”
Martin Markiewicz, CEO of Silent Eight, added:
“We are proud to be joining forces with GSS to help drive a permanent paradigm shift in the global fight to stop illicit payments and financial transfers. Working together, we are striving to detect and stop ‘bad money’ more quickly and efficiently, while speeding the flow of legitimate transactions through the global financial system. This is the promise of GSS and we are delighted to support them in their mission.”