Citi Global Trade uses AI to digitise compliance in NextGen project

Published 

Dallas – Citi announced today its NextGen project, an initiative with EY and SAS, using artificial intelligence (AI) to develop an advanced risk analytics scoring engine. NextGen was created to help streamline the time-consuming, highly manual processes associated with reviewing high volumes of global trade transactions while ensuring regulatory compliance.

“By leveraging innovation, we continue our strategic journey to drive digitisation throughout our worldwide operations,” said John Ahearn, Global Head of Trade for Citi Treasury and Trade Solutions. “We process 9 million transactions annually, and the NextGen project will help us optimise our processes from the back office to the front, by expanding the use of digitisation, automation and advanced analytics.”

“This real-time solution will help us to be able to more efficiently detect transactions with potential compliance concerns up front,” said Valeria Sica, Global Head of Trade Services for Citi Treasury and Trade Solutions. “This solution assists in managing and comparing a large number of data points across current and prior transactions, which will provide more context and usable data to aid the decision maker in reviewing global trade transactions, which has traditionally been a very manual process across the industry.”

Citi Global Trade continues to digitise its platforms and processes to optimise the latest innovation available. As a part of this strategy, Citi digitises over 25MM trade-related pages annually with optical character recognition (OCR). NextGen will continue this legacy by utilising Artificial Intelligence technology to automate manual processes.

Combining EY’s deep business, risk, and technology consulting experience in the financial services sector with SAS’ leading advanced analytics platform, Citi will use the new service to further digitise its trade compliance process. This project will help to eliminate time-intensive, manual processes and provide a streamlined view of risk activity and insights.

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