Regulatory technology firm Silent Eight is broadening its collaboration with HSBC to automate the investigation and resolution of transaction alerts. Prior to this expansion, Silent Eight had been performing name screening and adverse media automation for HSBC, aiming to detect financial crimes with reduced friction.
Silent Eight's primary objective is assisting financial institutions in combating financial crimes. Their platform, "Iris," links to data sources upon receiving information about potential risks. It then conducts an investigation and informs the relevant individuals about the status of these transactions. According to the company's website, this artificial intelligence-based platform is designed to help customers identify potential financial crimes in transactions and expedite the process. Iris can execute name screening for customers and payments with 100 percent accuracy, escalate high-risk transactions, tag media investigations, and assess each story based on age, source quality, among other factors. The company's website also states that Iris reduces the need for human intervention in transaction monitoring and investigation by more than 75%.
"HSBC has demonstrated its ongoing commitment to operational excellence and innovation within financial crime. We are exceptionally proud of our long-standing relationship with the company and their desire to adopt cutting-edge technology to reach their goals," said Ben Rayner, regional head for UKI and EMEA at Silent Eight, in a news release dated Feb. 22 that announced the expansion of the partnership between the two companies.
HSBC is a British banking group offering personal, business, and corporate banking services to clients globally. Its services include certificates of deposit, savings accounts, wealth management solutions, loans among others. According to historical records from the Wayback machine, HSBC traces its roots back to 1865 when its founding member - The Hongkong and Shanghai Banking Corporation Limited - was established. In the 1920s, it expanded its operations by opening branches in Bangkok, Manila, and Shanghai. By early '90s it had offices across Asia-Pacific region, the United States, and the United Kingdom.
"In the realm of financial transactions, precision is paramount. Working with Silent Eight is not only about driving efficiency in screening but ensuring accuracy. Our further investment in Silent Eight technology underscores our strategy to deliver safe automation and improved outcomes for our customers," said Chris Pratt, group head of transaction screening at HSBC, in the Feb. 22 news release that announced the expansion of their partnership.