Sumitomo Mitsui Banking Corporation (SMBC) Europe has partnered with Exiger to drive Know Your Customer (KYC) programme and meet regulatory requirements.
Under the collaboration, SMBC Europe will leverage Exiger’s artificial intelligence (AI)-powered KYC on-boarding technology, DDIQ.
The lender selected DDIQ following a detailed evaluation process. SMBC Europe plans to deploy the technology throughout its client on-boarding and monitoring processes.
Using AI, DDIQ assesses content with cognitive reasoning to facilitate risk assessments of clients, investments, third parties and transactions.
SMBC Europe representative said: “We are excited to work with a proven innovator in both explainable AI and financial crime compliance to enhance risk management, inform faster KYC decisions, and improve the SMBC customer experience.
“Our agreement with Exiger continues our investment in technology to advance the standard, speed and efficiency of our AML processes.”
According to Exiger, the move will enable SMBC to reduce false positives in customer due diligence process, prevent financial crimes and operational efficiency by more than 80%.
Exiger president of global technology markets Brandon Daniels said: “Our goal is to ease the client on-boarding process by bolstering SMBC’s deep expertise and global footprint with DDIQ’s capabilities, leading the way to advance the standard of efficiency and automation in global banking.”
SMBC was established in April 2001 by merging The Sakura Bank and The Sumitomo Bank.
Earlier this month, SMBC selected NTT Data Getronics and Firco Continuity from Accuity to improve payment screening in Japan and Southeast Asia.