- Jul 24, 2021
Yesterday, Intel launched the Intel Saffron AML (Anti-Money Laundering) Advisor using explainable AI. It aims at detecting financial crime while enhancing decision-making prospects for analysts and investigators. The transparent AI solution uses associative memory for financial services institutions. It is driven by Intel Xeon Scalable processors.
The AI is able to stimulate the natural learning ability of humans, along with remembering and reasoning in real time. Furthermore, it possesses the ability to mimic human brain as per perceptive differences hidden in data sources that are dynamic and heterogeneous. In order to process this, it contains an ‘infinitely larger’ dataset than humans.
As for the AML Advisor, it presents the actions transparently for white-box AI supporting enterprise applications. The entire project of solutions aims at easing up decision-making in ‘highly’ complex tasks. According to early results, money laundering can be detected with ‘unprecedented speed and efficiency.’
Intel Saffron, with much of its analytical prowess, can provide more insights for startups, meeting complaints, and more related requirements.
Coming back to financial crime detection abilities, the Advisor consists of the following features:
- Knowledge index
- Continuous learning
- Work augmentation
- Compliance validation
Not only this project, Intel introduced another program, EAP (Early Adopter Program) of Intel Saffron. This will help institutions on innovative financial services through the latest developments on associative memory. Additionally, this will help firms in gaining top control over market competitions. Bank of New Zealand (BNZ) expanded its partnership with Intel by joining this program.
Intel Saffron – another technological advancement
As David Bullock complimented, not just ‘cutting-edge’, but “truly bleeding edge technology” of Intel Safrron will lead businesses towards providing smarter customer solutions. He is the director of Products and Technology of BNZ, and says further, “By staying at the forefront of AI, we can help ensure we have access to the latest, innovative technologies that enhance our business.”