Citi starts service to flag outlier payments

Citi has launched a service that lets clients review and approve payments that deviate from their past patterns of activity.

The solution identifies these outlier payments through the use of advanced analytics, artificial intelligence and machine learning.

Clients will get enhanced control and monitoring of their payments, the potential to reduce risk associated with outlier payments and subsequent losses, and real-time alerts, to name some of its features.

It was developed in the bank's Dublin innovation lab with direct client collaboration and has now been rolled out in 90 countries, including Singapore.

The solution uses advanced statistical machine learning algorithms to analyse payment patterns, Citi said, adding that clients do not have to opt in to the service.

The launch follows an "extensive global pilot" with 20 clients such as Xerox Corporation.

Citi said cyber attacks are becoming increasingly frequent and sophisticated, so banks need to be more vigilant than ever, given increasing transaction volumes.

A version of this article appeared in the print edition of The Straits Times on July 10, 2019, with the headline 'Citi starts service to flag outlier payments'. Print Edition | Subscribe