SINGAPORE (July 19): OCBC Bank says it has piloted two financial technology (fintech) solutions in total with companies BlackSwan Technologies and Silent Eight, which are part of the bank’s second Fintech Accelerator Programme run by its fintech unit, The Open Vault at OCBC.

In a press release on Wednesday, OCBC says the fintech pilot reinforces its commitment to “building a more robust system of checks on suspicious individuals and transactions to stem the flow of illegal funds”, as money laundering and terrorism financing becomes a growing area of concern.

The two new solutions are designed to speed up the process of leveraging artificial intelligence (AI) to conduct research on individuals and entities suspected of illegal financing – which is presently carried out manually by internal compliance analysts who may take a total time of anywhere between an hour and a few days to see it through, according to the bank.

One of the fintech solutions, Silent Eight, helps to automate the desktop research process by enabling analysts to digitally scan Internet search engines, news sites and internal and external databases to put together the suspicious individual’s “dossier” within just a minute.

This is enhanced with AI that enables the system to filter out irrelevant information such as individuals with identical names.

On the other hand, the second transaction-monitoring fintech solution, Blackswan Technologies, leverages artificial intelligence to analyse the suspicious transactions by mapping them to a network of related transactions, allowing it to identify possible connections with other individuals or companies which may be atypical or previously unknown.

Besides the pilot tests with Silent Eight and Blackswan Technologies, OCBC says it has also completed pilot tests with four other fintech startups in its accelerator programme.

These are namely: Boundlss, an insurance technology (insurtech) that improves insurers’ customer engagement through a mobile app; Strands and 9Spokes, two fintech companies which aim to help their SME customers better manage their business and cash flows; and Sqreem, which uses AI to mine data for targeted marketing.

“This year, we deliberately kept our focus narrow, addressing specific customer needs and business areas,” shares Pranav Seth, OCBC Bank’s Head of E-Business, Business Transformation and Fintech and Innovation Group.

“Testing the various technologies using real customer data enables us to deliberate more effectively on how to bring these solutions to market to benefit our customers and strengthen our internal capabilities.”

As at 3:06pm, shares of OCBC are up by 1 cent at $11.09.