Security and Compliance
PR Newswire | September 29, 2023
Genpact (NYSE: G), a global professional services firm focused on delivering outcomes that transform businesses, expanded its relationship with Amazon Web Services, Inc. (AWS) to transform financial crime risk operations, leveraging generative AI and large language models (LLMs). Integrating Genpact's proprietary cloud-based financial crime suite, riskCanvas™, with Amazon Bedrock, has led to accelerated efficiencies and impact for clients such as Apex Fintech Solutions.
Amazon Bedrock is a fully managed service that enables developers to test, integrate, and deploy industry-leading foundation models (FMs) via an application programming interface (API) and customize the models to best suit their unique use cases.
Building on its existing relationship with AWS, Genpact is now combining its intellectual property and deep industry expertise with AWS's generative AI capabilities.
For example, seamlessly incorporating Amazon Bedrock FMs into Genpact's riskCanvas financial crimes software suite aims to unlock exponential value and improve speed and accuracy in the detection, investigation, and prevention of financial crime threats for operations across enterprises. This allows experts to review outputs and incorporate a guided decision-making process, providing comprehensive summaries and analyses of potential financial crime activities – accelerating both efficiency and precision.
Genpact engaged multiple riskCanvas clients to significantly improve the detection, investigation, and prevention of a wide range of financial crime threats. As a result, Genpact is now driving accelerated efficiencies and delivering substantial impact for these clients in finance and capital markets, exemplified by their work with Apex Fintech Solutions.
"Financial criminals are constantly innovating, which means financial services companies need to use advanced digital technologies to stay one step ahead of them," said Justin Morgan, Head of Financial Crimes Compliance at Apex Fintech Solutions. "With the addition of generative AI features to Genpact's riskCanvas, our analysts will be able to produce Suspicious Activity Report (SAR) narratives and case summaries at the click of a button using inputs from millions of data points. We expect this will reduce time spent on case summarizations by 60%, allowing our analysts to spend more time identifying truly suspicious financial activity."
Using approved client data from the secure riskCanvas ecosystem, combined with Amazon Bedrock's secure data handling, enables the generation of highly accurate outcomes while maintaining data protection across clients.
"Responsible AI is a core consideration in AI implementation and its importance will continue to increase, said Atul Deo, General Manager, Amazon Bedrock at AWS. Amazon Bedrock is rooted in secure data handling, encrypting all data and allowing users to customize models privately. Integrated with Genpact's riskCanvas, this powerful combination enables our mutual customers to enhance productivity in investigating, detecting, and preventing financial crime threats.
The initiative enables clients to fully leverage the potential of generative AI solutions and drive secure, scalable, AI-led transformation.
"Data complexity and volume, false positives, and evolving sophisticated criminal tactics are accelerating the need for businesses to harness generative AI to transform financial crime operations," said BK Kalra, Global Business Leader, Financial Services, Consumer and Healthcare, Genpact. "Genpact's expanded relationship with AWS represents a pivotal step in redefining the operations landscape for enterprises. Together we can unlock untapped value, and fuel significant growth opportunities for our clients, solidifying our commitment to delivering valuable business impact."
For more information on Genpact's relationship with AWS, visit: AWS | Our Partners | Genpact, and for more information on our financial services visit: AWS Financial Services | Our Partners | Genpact.
Mastercard | September 15, 2023
The Open Payment Network streamlines global SME transactions, ensuring prompt and secure payment processing at every stage.
Despite digital payment growth, SMEs still face transparency and predictability challenges in cross-border transactions, as per Mastercard's 2022 Borderless Payments report.
As per the report, 39% of SMEs cited sluggish cross-border payments as hampering supply chains, with 25% reporting supplier refusals due to payment timing uncertainties.
Mastercard and Paysend have formally solidified their ongoing partnership, marking a significant milestone in their shared commitment to enhancing the efficiency and effectiveness of cross-border payment services explicitly tailored to the needs of small and medium-sized enterprises (SMEs). This renewed collaboration underscores their dedication to addressing the intricate challenges faced by SMEs engaged in global trade, aiming to provide innovative solutions that facilitate seamless international financial transactions, foster business growth, and bolster economic resilience for these vital enterprises.
This initiative, referred to as the 'Open Payment Network,' directly responds to the increasing need from SMEs for reliable and secure solutions that can facilitate prompt international fund transfers and vendor payments. It will manage the entire payment process, from inception to finalization, facilitating instantaneous fund transfers through established connections with local network affiliates and real-time payment systems.
Mark Barnett, President of Mastercard Europe, expressed enthusiasm about strengthening the collaboration with Paysend to enable SMEs to conduct instant transactions globally, regardless of time or location. He emphasizes Mastercard's steadfast commitment to fostering the advancement and success of SMEs in the digital economy.
Abdul Abdulkerimov, Co-Founder and Chairman, Paysend remarked,
With a shared vision to provide innovative financial products and solutions to our customers, Mastercard has been a key partner to us on our journey to improve the efficiency of the financial system and make cross-border payments safe, fast and convenient.
[Source: Cision PR Newswire]
Furthermore, Paysend has become a Mastercard Send Partner Program member, designed to assist fintech companies, acquirers, processors, and platforms in providing nearly real-time digital payments to their clientele. The company will leverage Mastercard's extensive network to establish additional channels for person-to-person transactions connecting Europe with other regions worldwide. This initiative is an essential component of Mastercard's objective to facilitate an all-encompassing digital economy that yields advantages for individuals across the globe.
IBM | September 22, 2023
IBM Payments Center's membership in Swift Partner Programme signifies a crucial step in enhancing collaboration between these organizations.
IBM Payments provides a streamlined Swift cloud connectivity solution, liberating clients from hardware as well as software management and allowing them to focus on their core business operations.
The company's participation in Swift Partner Programme enables streamlined access, integration, and development of payment solutions through expanded APIs and comprehensive documentation.
IBM Payments Center has officially announced that it has earned a distinguished membership in the prestigious Swift Partner Programme. This achievement represents a significant step forward in strengthening the collaboration between these two organizations.
This strategic partnership synergizes effectively with IBM's expansive payments-as-a-service solution, which capitalizes on open, standards-based technologies to provide meticulously managed payment and cash management services. This collaboration will further enhance the capabilities of IBM's payment services, offering financial institutions and businesses a well-rounded, technologically advanced solution to address their payment and cash management needs.
Andrew Higgins, Senior Partner and Global Payments Leader at IBM Consulting remarked,
Our platform partnership with Swift brings the power of IBM and the reach of Swift to deliver value for financial institutions and other businesses looking for end-to-end solutions for a broad array of payment services.
[Source – Cision PR Newswire]
In collaboration with Swift Partner Programme, IBM Payments Center will provide a comprehensive end-to-end cloud-based Swift connectivity solution that aligns with Swift's infrastructure and client security standards. It will also catalyze financial institutions and enterprises looking to modernize their payment platforms and harness cutting-edge cognitive and AI technologies within a highly secure environment.
Andrew Higgins emphasized that the payments industry is on the brink of profound change, requiring modern infrastructure and heightened efficiency. He further noted that IBM is gratified to present a solution to the worldwide Swift community that harnesses the benefits of cutting-edge technology while reducing the substantial expenses linked to development, upkeep, and compliance.
This partnership offers IBM Payments Center a unique opportunity to streamline access, seamlessly integrate, and drive innovation in payment solutions. It enables the center to leverage an extended range of application user interfaces (APIs) and gain comprehensive access to API testing materials, documentation, and accreditation status, empowering them to deliver cutting-edge financial solutions efficiently.
Through its active engagement in Swift Partner Programme, IBM Payments Center has opened up new avenues for collaboration with a diverse network of over 11,000 banking institutions across more than 200 countries, fostering opportunities for synergistic partnerships and global cooperation.