AI Case Study

Clearbank combats fraud and money laundering with the use of machine learning

ClearBank has deployed machine learning technology to fight fraud and optimise its anti-money laundering (AML) operations. The U.K's new clearing bank is using Featurespace's ARIC™ platform that develops individual behavioural profiles and detects abnormal activity in real time, using machine learning.

Industry

Financial Services

Banking

Project Overview

"Featurespace, the world’s leading provider of Adaptive Behavioural Analytics for fraud detection and risk management, announced that ClearBank®, the U.K.'s first new clearing bank in more than 250 years, has selected its ARIC™ platform to provide clients using its clearing and banking services with an innovative approach to fraud and AML detection.

Following a competitive evaluation process, Featurespace was selected for its ability to deliver a custom, machine learning-driven solution that learns individual behaviours and detects anomalies in real time. The ARIC platform's multi-tenancy functionality, which allows ClearBank to deliver advanced fraud detection and AML transaction monitoring to multiple clients with a single deployment and without requiring additional integrations, was also a critical factor in ClearBank's decision. With multi-tenancy, the bank can share specific data between its clients, while maintaining the privacy and security of customer data."

Reported Results

Results undisclosed

Technology

ARIC platform "machine learning-driven solution that learns individual behaviours and detects anomalies in real time."

Function

Risk

Security

Background

""ClearBank is changing the U.K.'s financial ecosystem by offering clearing and banking services that are collectively cost-effective, robust and cloud-based. As such, we needed a fraud and AML transaction monitoring detection platform that could operate across all of our portfolios and protect our customers" said Charles McManus, CEO at ClearBank. "Featurespace not only delivers that cutting-edge ability better and faster than anyone, it also shares our spirit of revolutionising financial services. That's an intangible quality that cannot be overstated and is exceptionally rare today"."

Benefits

Data