Citi has launched NextGen, an initiative using artificial intelligence to develop a risk analytics scoring engine.
Combining EY’s business, risk, and technology consulting experience with SAS’ analytics platform, Citi will use the new service to further digitise its trade compliance process.
This project will help to eliminate time-intensive, manual processes and provide a streamlined view of risk activity and insights.
The new NextGen platform is intended to provide analysis of global trade transactions to help align bank resources and advanced analytics and natural language processing.
It will also process automation that combines analytic results and trade-related bank policies to help focus on trade transactions activities that may need further investigation in accordance with Citi’s escalation process for them.
John Ahearn, global head of trade for Citi treasury and trade solutions, said: "By leveraging innovation, we continue our strategic journey to drive digitisation throughout our worldwide operations.”
He added: "We process nine million transactions annually, and the NextGen project will help us optimise our processes from the back office to the front, by expanding the use of digitisation, automation and advanced analytics.”
Valeria Sica, global head of trade services for Citi treasury and trade solutions, commented: “This real-time solution will help us to be able to more efficiently detect transactions with potential compliance concerns up front.”
She added: “This solution assists in managing and comparing a large number of data points across current and prior transactions, which will provide more context and usable data to aid the decision maker in reviewing global trade transactions, which has traditionally been a very manual process across the industry.”
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