Citi in alliance with EY & SAS announces the NextGen AI Project

BFSI News

Citi-in-alliance-with-EY-SAS-announces-the-NextGen-AI-Project Citi in alliance with EY & SAS announces the NextGen AI ProjectCitibank, a New York, NY-based consumer division of financial services multinational Citigroup, as per recent reports this week, has announced a joint initiative – the NextGen Project – in collaboration with EY (Ernst & Young), a London-based multinational professional services firm, and SAS, a Cary, North Carolina-based multinational developer of analytics software, to develop a risk analytics scoring engine by employing the artificial intelligence (AI) tech.

The NextGen project, by roping in EY’s risk and consulting experience and SAS’ advanced analytics platform, will streamline the manual process involved in reviewing high volume global trade transactions and ensure regulatory compliance.

The paper trail-based process that many organizations rely on, is very time-consuming. Citi, which processes nine million transactions annually, aims to streamline the paper-based process by expanding on digitization, automation, and advanced analytics forefronts. With this streamlining, the bank hopes to optimize processes from the back office to the front.

“This real-time solution will help us to be able to more efficiently detect transactions with potential compliance concerns up front,” states Valeria Sica, global head of trade services for Citi’s Treasury and Trade Solutions.

Adding further, she says, “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.”

The SAS-powered NextGen platform, with its in-depth, scalable analysis, which also includes natural language processing, will assist stakeholders and decision makers in understanding networks, unstructured data, and customer activity over time.