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Intel launched the Intel Saffron Anti-money laundering (AML) Advisor. The mission of the project is to detect financial crime using a transparent AI solution. This is specifically developed to fulfil needs of financial organizations which. Intel claims this to be first Associative memory AI solution and this is optimized on Intel Xeon Scalable processors.
“Intel Saffron’s mission is to minimize the time and effort it takes to reach confident decisions,” said Gayle Sheppard, vice president and general manager of Saffron AI Group at Intel. “We accelerate the path to decision by surfacing and explaining patterns in data with speed, precision and accuracy. The amount of data that banks and insurers collect is growing at massive scale, doubling every two years. While the quantity of data is growing, so are the types and sources of data, which means today much of the data isn’t queried for insights because it’s simply not accessible with traditional tools at scale. Investigators and analysts will depend on transparent AI solutions to meet the ever-growing demands of consistency and efficiency from a business, regulatory and compliance perspective.”
Intel Saffron’s associative memory AI simulates human brain to learn, remember and reason in real time. While working with large dataset, it is found better than human counterparts as it mimics the associative memory of human brains to maintain similarities. It is designed for decision making in complex tasks and results shows that it can catch money launderers with ultimate speed and efficiency. All these thing are being done by AML Advisor AI in very transparent way creating a solid path for “White Box AI” in enterprise applications.
Intel has also started Early Adopter Program (EAP) for those institutions who want to adopt innovation in financial services. It allows its members to gain the first-mover advantage over the competition and define the future of associative memory AI in financial services. Expanding upon its existing relationship with Intel, Bank of New Zealand (BNZ) has joined the Intel Saffron EAP.
“We’re excited to be working with Intel Saffron on truly bleeding edge technology that will enable us to understand our customers far better than we ever have before and help them make smarter decisions” said David Bullock, director of Products and Technology at BNZ. “By staying at the forefront of AI, we can help ensure we have access to the latest, innovative technologies that enhance our business.”
It has been noticed that intel is moving very fast to achieve its AI goals at its best. Recently, it launched self learning chip “Loihi” that is itself a big technological achievement.