In a significant move, UK-based fintech Silverbird has unveiled plans to develop a cutting-edge AI-supported anti-money laundering (AML) scoring mechanism. This strategic initiative underscores Silverbird’s commitment to leveraging innovative technologies to enhance the efficiency and effectiveness of financial security measures.
The endeavor is driven by recognizing the evolving challenges in combating financial crime and the imperative for agile and intelligent solutions. Key highlights of the initiative include:
- Full digitization: Silverbird is poised to achieve a fully digital AML scoring system, eliminating manual processes and introducing a seamless, technology-driven approach.
- AI integration: The incorporation of artificial intelligence will bring unprecedented accuracy and adaptability to the AML scoring mechanism, with machine learning algorithms evolving continuously to stay ahead of emerging threats.
- Enhanced security measures: The development of this advanced system underscores Silverbird’s dedication to bolstering security measures, ensuring a robust defense against money laundering activities.
- Efficiency and speed: By embracing digitalization and AI, Silverbird aims to significantly enhance the speed and efficiency of AML processes, providing real-time insights for proactive risk management.
Remarking on future developments, Silverbird’s co-founder Georgy Babilashvili said, “Looking ahead, our primary focus remains on scaling our comprehensive risk scoring tool. Our initiatives include incorporating further AI functionality, expanding corporate datasets, and extending our shipment data verification beyond our clients to encompass their suppliers, customers, and the counterparties of the latter.”
According to Babilashvili, “This approach will establish three layers of confidence in our profiles. Our ultimate goal is to develop a fully digital, AI-supported AML scoring mechanism capable of providing independently verified profiles for 99% of SMEs worldwide applying for financial services. We’ll also continue expanding payment rails and currencies, building an automated payment hub.”
He also stated that they were aiming to “amplify export revenue from clients in key markets such as Singapore, Hong Kong, Dubai, the USA, China, and India.”
Silverbird stands as a contemporary global payment platform designed to offer small and medium-sized enterprises (SMEs) a seamless and fully digital onboarding experience. By eliminating the need for in-person interviews or visits to a physical branch, the platform efficiently handles all essential documentation electronically. This alleviates entrepreneurs from the unnecessary inconvenience of traveling beyond their home country solely to open a bank account, empowering small businesses to efficiently manage their finances from any location.
Recently, Silverbird has been included in the Top 40 Super Startups of 2024 list in a groundbreaking recognition of innovation and entrepreneurial excellence. The Super Startups list, curated annually by industry experts and influencers, identifies and celebrates the most promising and impactful startups that have demonstrated exceptional growth, innovation, and resilience.
Commenting on this recognition, Georgy Babilashvili stated: “Among thousands of startups in the market, we take pride in being voted among the top 100 by the people. The excitement stems from our identification of a truly great business idea — one with the potential to become another unicorn. We focus on supporting SMEs in making cross-border payments and facilitating international trade, addressing a massive and largely underserved market.”
He continued, “Our team is driven by the belief that we can create something groundbreaking and innovative, serving as a significant motivator. Simultaneously, we function as a closely-knit team, providing a highly supportive environment. I am genuinely pleased and grateful for this recognition.”