Nov 25, 2020

Windward’s AI solution optimises Danske Bank’s compliance

Danske Bank
Windward
AI
Compliance
William Girling
2 min
Danske Bank has brought Windward on board as a tech partner in order to fulfil its mission for enhanced financial crime compliance controls
Danske Bank has brought Windward on board as a tech partner in order to fulfil its mission for enhanced financial crime compliance controls...

Danske Bank has brought Windward on board as a tech partner in order to fulfil its mission for enhanced financial crime compliance controls.

Windward, which has been placed in Dun’s ‘Top 10 Places to Work in Tech’ for three consecutive years, is a specialist in harnessing data and artificial intelligence (AI) to analyse dynamic trends in the maritime ecosystem.

Recognising the mounting pressure to enhance due diligence and enforce greater preventative measures on financial crime, Danske Bank hopes that the aforementioned maritime tech can be deployed to navigate the industry’s complex risks and regulations. 

Facilitating better business

Based on 10 billion data points, 300 behaviour models and eight years of modelling (called Maritime Artificial Intelligence Analytics, or MAIA), Windward’s AI enables 24/7/365 coverage with a system that screens, analyses and links information in its database.

As such, the bank’s operational performance can expect to be enhanced with faster audit decision-making across the “90% of global trade which occurs on the ocean”.

“Financial institutions are some of the most heavily regulated in the world,” commented Amalie Korning Wedege, Head of Sanctions Compliance at Danske Bank. 

“To meet regulatory expectations, we are enhancing our efforts to improve business operations, reduce risk, and improve compliance across maritime financial trade using Windward’s AI solution.”

Windward CEO Ami Daniel added, ““It is an honor to partner with Danske Bank, an established and respected financial institution with deep roots in the global maritime industry.

“Trade finance is becoming more complex as regulations targeting money laundering, financial crime, and compliance evolve across the globe, and it’s imperative that banks intimately know who they are doing business with. 

“Danske Bank now has the most comprehensive, real-time, risk-based view of the maritime trade ecosystem that enables the highest level of accountability, transparency, and compliance to facilitate better business operations.”

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Jun 16, 2021

BME and BBF Fintech to stage sustainable finance hackathon

Fintech
hackathon
BME
Insurtech
2 min
BME and BBF Fintech launch the first international edition of Hack & Disrupt!

The first hackathon focused on the fintech and insurtech world at an international level, concentrating on sustainable finance, will be hosted in Bilbao.

The ‘Hack & Disrupt!’ event will take place on 25, 26 and 27 June, and is organised by BME and BBF Fintech. The event aims to bring together companies, entrepreneurs and startups to solve global technological challenges as a team. 

The event, which is sponsored by BBK, Plaza Financiera Bilbao and SIX's startup accelerator, F10, wants to connect entrepreneurs and businesses to re-imagine finance and insurance through digitalisation. The challenges that participants will be facing are geared towards innovation and sustainable finance. 

Due to the pandemic, the event will be held in a hybrid format, combining a face-to-face part, at the BBF Bilbao Berrikuntza Faktoria, and through a technological platform, which will feature different stands, chats and workrooms. The opening and closing ceremonies, as well as various panels related to the entrepreneurial world and the fintech and insurtech ecosystem, will be streamed from the platform.

What will happen at the event?

 

The opening will reflect on innovation in the securities markets and then afterwards there will be a panel discussion on sustainability. Challenges will be introduced on Friday evening, and the teams will start working on their resolution until Sunday 27th. Saturday 26th features presentations by several experts, including Berta Ares, General Manager of BME Inntech, and Manuel Ardanza, Chairman of the Bilbao stock exchange.

The winners, which will be announced on Sunday, will be eligible for three prizes: a prospection trip to Switzerland, where they will be able to get to know its fintech ecosystem in detail, the possibility of participating in the incubation Programme and in BBF Fintech’s II Open Innovation Programme, the public-private fintech incubator promoted by Bizkaia’s provincial council, Bilbao’s City Hall, the University of Mondragón and Dominion, as well as direct access to the final interview to participate in the F10 incubation and acceleration programme.

Javier Hernani, CEO of BME, believes that BME's presence at this event reaffirms the company's commitment to digitalisation, innovation and the promotion of SMEs and disruptive startups, which adds to other initiatives, such as the Pre-Market Environment. "Today's startups can be tomorrow's stock market blue chips," he stated. “We also reiterate our support for Bilbao as an innovative financial centre, where BME closely follows the entrepreneurial ecosystem”, he added.

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