RelyComply’s leading AI solutions included in AIFintech100
We’re thrilled to have been recognised as a pioneering platform utilising artificial intelligence technology (AI) in Fintech Global’s annual AIFintech100 list for 2024: the premier showcase of powerful AI partners for financial services companies.
This year may be the most vital time for Financial Institutions (FIs) to get to grips with AI. Not only is the understanding of it deepening daily from hobbyists up to data science professionals, but technology providers are also stepping up their AI capabilities to provide a range of benefits for practical business needs.
With increasing digital transformation come ever-more sophisticated cybercrime threats and techniques. This is why AI-driven compliance methods must become not only more commonplace but increasingly adaptable to changing criminal typologies. Where RegTech is concerned, the AIFintech100 list provides organisations with a repository of companies they need to know, empowering them to redevelop their strategies using next-level AI technology.
AI’s impact on Anti-Money Laundering (AML) processes already bears fruit. In taking away manual, inflexible tasks that hindered compliance team methods, they’re given back valuable time for identifying genuine fraudulent activity. This automation is paramount, as organisations face more data than ever, newly released digital assets, financial products, and changing customer bases.
For transaction monitoring, being able to spot patterns in user behaviour can help the regulator identify legitimate financial crime. Traditional rules-based configurations waste investigative efforts into low-quality alerts or, worse yet, are susceptible to increased numbers of false positives. With the application of AI, even vast swathes of historical data can be scanned to understand criminal behaviour and learn these typical patterns for future screening.
AI’s transaction monitoring techniques are imperative for the broader financial and fintech space to lower the risk of fines for faulty compliance, allowing actual payments to flow freely and reducing any barriers acting against smooth transactions worldwide. Partnering with AI experts, compliance teams of the future will evolve into a hybrid model of humans and technology to enhance progress in AML together. AI is the best automation available, supplying new skills to compliance experts who can better understand extensive data systems and apply human-backed rules to build proper risk reports for the regulator.
Companies in the AIFintech100 list are invaluable in helping achieve operational efficiency using this advanced technology. We’re delighted to be chosen as a pioneer in this field, equipping FIs with a configurable AML platform to stay abreast of evolving compliance and financial crime and supplying AI tools that can oversee massive data flows that are inevitable in the current financial landscape.
We see a safer and more adept AML future for finance using AI, and we’re already looking forward to seeing how this revolutionary technology will soon continue to enhance compliance skills in unimaginable ways.
Disclaimer
This article is intended for educational purposes and reflects information correct at the time of publishing, which is subject to change and cannot guarantee accurate, timely or reliable information for use in future cases.
