Intellect Design Arena Ltd.

iGTB, part of industry-leading Intellect Design Arena, has launched Release 16 of the world's first complete global transaction banking platform, including Sanctions Screening - a new, faster and more comprehensive KYC solution - and the extension of CBX (Corporate Banking Exchange) to Apple Watch and other smartwatch devices. iGTB announced this launch at SIBOS, where it is also showcasing the latest releases from its global research labs, with a focus on the digitisation of transaction banking, A.I., a 'funding brain', as well as faster anytime universal payments.

The cost of breaking sanctions is $12 billion. This is the total provisions for breaking sanctions by banks worldwide according to a recent Morgan Stanley report. To help banks avoid such fines, iGTB has designed Sanctions Screening's artificial-intelligence-powered solution that goes beyond current KYC methods by incorporating a natural-language contextual search of social media to construct a broader and more accurate view.

With KYC a primary concern yet current list-based screening deemed insufficient by regulators, banks must scan search engines, social media and other unstructured and un-auditable sources if they are to accurately identify high-risk clients and avoid this $222 billion fine. In one example, 6% of a bank's supposedly 'clean' names were discovered to be high risk. iGTB's new solution, now live, leverages machine learning, artificial intelligence (A.I.) and other state-of-the-art technologies to help protect banks from commercial risk. At a time when banks are placing customer experience at a premium, customers clamour for a joined-up service and see radical improvements in their retail online experience, banks can now make significant inroads into the world of digital banking.

Intellect Design Arena, is a Polaris Group company, a global leader in Financial Technology for Banking, Insurance and other Financial Services. Intellect embodies rich Intellectual Property and robust platforms & products across Global Consumer Banking (iGCB), Central Banking, Risk & Treasury Management (iRTM), Global Transaction Banking (iGTB) and Insurance (Intellect SEEC). With over a decade of continuous and significant research and development investment, the Intellect suite is the largest in the industry.