Citi launches payment outlier detection service

It uses advanced analytics, AI and machine learning to detect irregularities.

Citi has launched a payment outlier detection solution in 90 countries, including Singapore, as part of an effort to enable corporate clients to review and reject payments that do not conform to earlier patterns of payment activity through the bank's institutional electronic banking platforms, CitiDirect BE and CitiConnect.

Developed in the bank's innovation lab in Ireland, the payment outlier detection solution which leverages on advanced analytics, AI and machine learning technologies to identify anomalies whilst reducing the risk associated with outlier payments and subsequent losses.

Instead of legacy rules-based logic, the service uses advanced statistical machine learning algorithms to automatically adjust to changing payment patterns. The service also comes with real time alerts before outlier payments are sent to the beneficiary.

The launch follows a global pilot with 20 clients including Xerox Corporation and Tetra Laval International.

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