December 2019 Issue

Vijaya Bank (now Bank of Baroda) and Clari5 have won the Most Innovative use of AI & Machine Learning award at the 1st IBS Intelligence Global FinTech Innovation Awards which had 26 winners and 22 runners-up from 15 countries. The competition was fierce with about 150 participants. Nominations were assessed on the basis of program complexity, program governance, best practices & tools adopted, originality & simplicity, adaptability of concept, innovation excellence and customer impact before deciding the winners.

Clari5 has been featured once again in the Fintech Global RegTech 100 – a list of 100 of the world’s most innovative RegTech companies that financial institutions need to know about as they develop their regtech strategies. The selection criteria included key factors such as impact on the problem being solved; growth in terms of capital raised, revenue, customer traction; innovation of technology solution offered; potential cost savings, efficiency improvement and revenue enhancements generated for clients; and how important is it for a financial institution to know about the company.

With open banking, the volume and value of transactions have grown exponentially. With more banks across the globe getting ready to open their doors to third parties to access their customer data, open banking is also expected to bring in a new era of fraud. So the new legislations intended to democratize banking and provide a better deal for customers has also necessitated increased and smarter vigilance.

Clari5 was a gold sponsor of the Interbank Compliance Quiz 2019 conducted by Association of Compliance Officers of Banks with the participation by Central Bank of Sri Lanka. With the theme ‘Compliance at the speed of thought, the event was well attended by Sri Lanka’s banking compliance officers.