Video | Business Headlines | Internet | Science | Scientific Ethics | Technology | Search

 

Team Uses A.I to Help Against Financial Fraud

SunGard Global Coder Cup Unveils an Unexpected Tool Against Financial Fraud

Winning Team Uses Artificial Intelligence to Help Strengthen Compliance in Financial Firms

September 25, 2014 - On September 12, 11 teams from seven countries met at London’s Emirates Stadium to participate in the final championship round of SunGard’s second annual Codeathon, the Global Coder Cup. The finalists were given 48 hours and a clear mission: to harness big data technology to create new compliance solutions for financial services firms.

First place was awarded to the team from Birmingham, Alabama, who created an advanced financial compliance and regulation application that uses Artificial Intelligence to predict and potentially prevent fraud. This was driven by creative use of multiple Artificial Intelligence technologies, including dynamic learning. “In essence, Artificial Intelligence in the compliance space can help prevent compliance incidents, such as insider trading, but could be expanded more widely,” said Anoop Nair, SunGard director of development and a member of the winning team, Foo Tomatons.

“In an effort to support our customers with an increasingly sophisticated compliance environment, we gave our coders the challenge to use big data technology to attack real problems faced by chief compliance officers in financial institutions,” said Steven Silberstein, SunGard’s chief technology officer. ”Our codeathons are an illustration of our commitment to invest in the core research and development of our technology, bringing talent from across the organization together to explore new creative solutions that have the potential to benefit our financial services customers. This also underscores SunGard’s approach to cross-pollinating development efforts through close collaboration and innovation.”

The team from Cape Town, South Africa, won second place by creating a compliance tracker, a tool that attempts to support compliance officers by easily identifying potential non-compliant trades through advanced visualization. Third place was awarded to the Kari Ra team from Christchurch, New Zealand, who created an application to investigate various people and organizations and assess suitability for business.

The final championship, sponsored by Intel, included a judging panel consisting of SunGard’s chief technology officer, thought leaders and industry experts from Intel and Blackstone.

Out of the 115 teams that participated in the first round of the Global Coder Cup in June, the best teams from each region – North America, Europe, Asia Pacific, India and Africa – were selected to compete in the in-person final championship round at an inspiring venue, home of the Arsenal Football Club.

Last year the winning team of the 425 participants created a risk solution for corporate actions, using new visualization tools that provide the user with a more intuitive and holistic view of risk.

For more information and updates about SunGard’s Global Coder Cup, please visit http://financialsystems.sungard.com/coder-cup

About SunGard
SunGard is one of the world’s leading software and technology services companies, with annual revenue of about $2.8 billion. SunGard provides software and processing solutions for financial services, education and the public sector. SunGard serves approximately 16,000 customers in more than 100 countries and has more than 13,000 employees. For more information, please visitwww.sungard.com.

ENDS

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 


International Business Forum: NZ EU FTA Coming Down To The Wire – Hold The Line

As negotiations accelerate to conclude an ambitious free trade agreement between New Zealand and the European Union, the NZ International Business Forum (NZIBF), representing a cross section of major exporters... More>>


MBIE: NZ space sector set to star in Moon mission
The New Zealand space sector is set to star in NASA’s CAPSTONE moon mission – with Rocket Lab launching a satellite to the Moon from New Zealand in June, and the lift-off of a separate NASA-NZ lunar research project... More>>



Air New Zealand: Relaunching 14 International Routes In 16 Days

Air New Zealand is gearing up for the busiest July in two years with the relaunch of 14 international routes in 16 days... More>>


Carbonz: Cashing In On Carbon: The New Marketplace Helping Native Forest To Thrive

The country’s first voluntary carbon credit marketplace, Carbonz, is here to restore native biodiversity and help Aotearoa reach its carbon zero goals by selling the first carbon credits exclusively from native forest... More>>
Entrust District: Dividend Will Be Welcomed After Another Tough Year
We’ve all heard of the saying; “if it sounds too good to be true, it probably is” but for Aucklanders within the Entrust District, getting their share of Entrust’s 2022 annual dividend payment really is as good as it sounds... More>>

BusinessNZ: NZ Economy - Prevailing Headwinds
The latest BusinessNZ Planning Forecast reveals business and consumer confidence is low, with factors at home and abroad hampering our recovery... More>>