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June 27, 2019

Citi rolls out new AI solution to detect outlier payments

US-based banking group Citi has launched a new solution, which utilises artificial intelligence (AI) and machine learning technologies to flag outlier payments.

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Dubbed Citi Payment Outlier Detection, the new offering has been rolled out in 90 countries after being trialled by 20 Citi clients.

The solution was developed in Dublin’s Citi Innovation Lab.

Payments that do not meet the previous payment patterns of users are referred to as outlier payments.

The new tool monitors changes in client payment patterns and detects potential anomalies, while facilitating rapid payments processing.

Notably, the solution assesses payment patterns using advanced statistical machine learning algorithms instead of legacy rules-based logic.

This is said to enable the tool adjust automatically depending on changing payment patterns.

Moreover, the solution incorporates client configurable product features such as synchronisation of payment release with cut-off times.

If an outlier payment is detected, users can leverage CitiDirect BE and CitiConnect- Citi’s institutional electronic banking platforms- to reject or approve the payment.

Citi Treasury and Trade Solutions global head of payments and receivables Manish Kohli said: “Citi is committed to providing clients with solutions that deliver enhanced control, transparency and efficiency for their global payments.

“Citi Payment Outlier Detection is yet another example of our execution against this goal and providing clients with tools that leverage innovation and new technologies for unique value.”

 

Free Report
img

Prepare for changes in the Payments market

 The Payments market has seen drastic changes in the past few years, with this only expected to continue. What does your company need to do to prepare for what’s to come? GlobalData’s Payment Trends for 2022 report explores the key trends in technology, consumer habits, and regulations shaping the market. We also identify the leading companies in this changing market, giving you a competitive market outlook. This report covers the impact of:
  • ESG
  • E-commerce
  • Mobile payments
  • Alternative payment rails (Real-Time Payments, Blockchain, BNPL)
  • Fraud & Cybersecurity
  • Regulations
Download the report now to learn essential strategies to maximize your growth in the face of rapid change.
by GlobalData
Enter your details here to receive your free Report.

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