iGTB, part of industry-leading Intellect Design Arena, today launched Release 16 of the world’s first complete global transaction banking platform, including Sanctions Screening – a new, faster and more comprehensive KYC solution – and the extension of CBX (Corporate Banking Exchange) to Apple Watch and other smartwatch devices.

The cost of breaking sanctions? US$12 billion. This is the total provisions for breaking sanctions by banks worldwide according to a recent Morgan Stanley report.

To help banks avoid such fines, iGTB has designed Sanctions Screening; an artificial-intelligence-powered solution that goes beyond current KYC methods by incorporating a natural-language contextual search of social media to construct a broader and more accurate view. With KYC a primary concern yet current list-based screening deemed insufficient by regulators, banks must scan search engines, social media and other unstructured and un-auditable sources if they are to accurately identify high-risk clients and avoid this US$222 billion fine. In one example, 6% of a bank’s supposedly ‘clean’ names were discovered to be high risk. iGTB’s new solution, now live, leverages machine learning, artificial intelligence (A.I.) and other state-of-the-art technologies to help protect banks from commercial risk.

CBX, the true omni-channel digital enterprise platform (configure-once, run-anywhere) used by businesses and corporations worldwide for the complete spectrum of transaction banking, takes a significant step forward in Release 16, with the popular solution extended to new devices including Apple Watch. CBX, leveraging Canvas Technology to define and design the electronic face of the bank, contains exciting new features including centralised fine-grain bank-grade entitlements, a payments pre-processor (e.g. for tanking future payments), a powerful fees and charges module to allow bundled cash and trade volume discounting, online chat features, and biometric log-in as well as the customary enhancements to user experience.

At a time when banks are placing customer experience at a premium, customers clamour for a joined-up service and see radical improvements in their retail online experience, banks can now make significant inroads into the world of digital banking. 

iGTB announced the launch at SIBOS, where it is also showcasing the latest releases from its global research labs, with a focus on the digitisation of transaction banking, A.I., a ‘funding brain’, as well as faster anytime universal payments.

At the heart of this year’s tangible demonstrations is the ability to conduct your own personal sanctions screening. Personal screenings (conducted in confidence) are offered at iGTB’s stand O48, and will immediately follow the talk on “Transaction Banking – Leveraging Technology to Manage Commercial Risk” by Andrew England, Director and Head of Strategy, iGTB, formerly Senior Advisor of Transaction Banking at Lloyds, Head of CEE Global Transaction Banking at Unicredit, and Head of Cash and Trade at Deutsche Bank. Speaking at SIBOS Open Theatre 1 at 5pm on Tuesday 13^thOctober, Andrew will discuss the banking and operational issues around origination, customer and product onboarding, limits and collateral, sanctions screening and exception management.

SIBOS attendees can visit Stand O48 to exchange perspectives with one of iGTB’s industry experts and thought leaders:

• Manish Maakan, CEO

• Andrew England, Director and Head of Strategy

• Phil Cantor, CMO and Product Council Head for Digital

• Upps Srinivasan, COO

• Ramkumar P, Head of Product Manufacturing

• Lee Taylor, Business Development Head for Continental Europe, and Product Council Head for Liquidity

• Tapan Agarwal, Head of Strategic Initiatives, and Product Council Head for Risk Management

• David Dunmire, Product Council Head for Payments

• Anand Pande, Product Council Head for Supply Chain Finance and Trade Finance

“SIBOS is the leadership event for the transaction banking industry”, said Manish Maakan, CEO, iGTB. “And this year iGTB has pulled out all the stops; offering the ‘coolest’ innovations and the advisory and expertise to match. Banks face so many challenges and realise Digital is the answer – but don’t necessarily know how to apply it. Across our five pillars of Digital, Liquidity, Payments, Commercial Risk, and Supply Chain and Trade Finance. Technology, we’re looking forward to driving the conversation forward and enabling smooth and sustainable change”.