HSBC has inked a multi-year partnership with AI-tech provider Silent Eight that will support the bank in enhancing its industry-leading compliance operations
HSBC has been seeking a financial crime partner that could successfully improve its manual processes and existing statistical models to decrease risk while simultaneously increasing efficiency.
Silent Eight Alert Resolution investigates and resolves cases in the same way an analyst would; with greater speed, precision and consistency. Following a successful trial period, the solution is set to be integrated into HSBC's existing infrastructure to provide case adjudications that are explained and auditable.
"Given the growth in alert volumes, and unpredictable spikes driven by global volatility, we saw an opportunity with Silent Eight that would give us the ability to close alerts quickly and accurately," said HSBC's Group Head of Compliance Services, Matt Brown.
Silent Eight CEO and co-founder, Martin Markiewicz, said, "We're delighted to find a partner that shares our focus on eliminating financial crime. HSBC's dedication to this project is just one aspect of their tireless commitment to improvement, and to helping drive AI innovation across the industry."
"We have chosen Silent Eight’s solution as we believe it will provide significant business benefits across all our success metrics," said Ben Rayner, HSBC's Global Head of AML and Sanctions Screening.