Concept: Belgian banking and insurance solutions provider KBC has launched DISCAI, a fintech subsidiary that develops AI-based applications for B2B parties. DISCAI can work with partners for the distribution and integration of these applications. DISCAI is also partnering with KPMG Belgium to attract interested B2B partners and promote the technology’s implementation across the KPMG firm’s global network.
Nature of Disruption: Initially DISCAI is focusing on an AI-based solution that monitors money laundering. The solution has been tested in Belgium and within KBC Group organizations, and it has proven to be far more effective in identifying fraud and catching more potential money launderers. In the next phase, DISCAI can assist businesses with a solution that can help them to address regulatory challenges in their business area. The partnership with KPMG can help with the implementation of technology across various countries. DISCAI is training the data models with customer-provided databases while maintaining data protection rules. Through this partnership, KBC can leverage KPMG’s technology, banking, and international network to detect and prevent financial crimes.
Outlook: Anti-money laundering is a global challenge for financial institutions. Financial institutions are required by law to report suspected activity related to money laundering, and non-compliance can result in severe fines. The traditional approach relies on old rule-based solutions, needs a significant amount of manual monitoring, and misses a significant proportion of money laundering incidents. DISCAI AI-based anti-money laundering solution can help businesses to identify fraud cases and reduce manual errors.
This article was originally published in Verdict.co.uk