Singapore's DBS bank is reducing trade anomalies through cloud and analytics.
DBS is working alongside research institute Agency for Science, Technology and Research (A*STAR) to build a programme that will make use of big data analytics to facilitate domestic and international trade transactions.
"With global trade set to grow, and increased regulatory demands on anti money laundering and fraud prevention, we believe in taking a proactive approach in enhancing our current risk management processes. The trade alerts programme has helped the bank create a more robust platform to detect trade anomalies," said Choong Yang Ping, Managing Director of Technology & Operations at DBS.
Trade finance is tedious as it involves manual processes. It also accumulates a customer's personal information, such as nature of transaction, finances and credit monitoring, according to a press release.
The trade alert initiative, which launched in April 2016 in a partnership with Cloudera, will detect customer data and fraud anomalies across 13 DBS banks in Singapore. In future, DBS intends to provide customer portfolio immediately.
"DBS has invested in technology and people over the past five years and will continue to do so going forward. The use of big data technologies using open source programming and integrated analytics enables us to glean stronger insights for decision-making purpose," said Ng Peng Khim, Head of Institutional Banking Group Technology,DBS Bank.
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