03 September 2024

Lucinity secures patent for tech that enhances financial crime compliance and global intelligence sharing

Written By FinTech Alliance in FinTech

Lucinity secures patent for tech that enhances financial crime compliance and global intelligence sharing

Lucinity, the global leader in AI software for financial crime compliance, has secured a second patent from the US for its proprietary federated learning technology, which provides a unique approach to allow global financial systems to share algorithmic learning patterns without having to share sensitive data.

Enhancing data security and collaborative analysis, intelligence can be distributed in a secure way across multiple entities, improving any models from enhancing AIs that drive productivity, to the detection of cross border illicit financial activities, whilst formulating proactive measures to prevent them.

This methodology aligns with the latest global regulations, such as the EU AI Act as well as onshoring requirements such as Singapore and Australia.

The design of the patented technology was born out of Lucinity’s research and development division, Lucinity Labs, which had been looking for a way to strengthen the financial services ecosystem while complying with data sharing laws.

This innovation was applied during a project with the Bank for International Settlements (BIS) Innovation Hub’s Nordic Centre that explored privacy-enhancing technologies and enhanced cooperation across institutions and borders.

“We believe in bringing connectivity to parts of the world where it wasn’t possible before. The biggest thing holding back adoption of advanced AI systems is the global concern over data security. Now, with our patented technology, algorithms from one market can share essential learnings with another market, and the data remains safe, private, and secure,” says Guðmundur Kristjánsson, CEO and Founder of Lucinity.

The federated learning patent, combined with Lucinity’s Generative AI technology, will unlock unprecedented intelligence in financial services enabling more precise, efficient, and secure data analysis for combating financial crime.

As well as breaking down barriers in financial crime prevention there is huge potential for federated learning to be applied in other sectors that handle sensitive data, such as healthcare, DNA research, and pharmaceutical practices.

“The possibilities to apply this federated learning patent are endless. It will exponentially increase our capacity to utilise and learn from data like never before,” says Kristjánsson.

Lucinity has been at the forefront of AI technology since its inception. The company also received a patent in 2022 for another piece of AI, their Secure Lockbox, which features pioneering homomorphic encryption of data.

This patent enables Lucinity to encrypt all personally identifiable information (PII) while still using PII as an input into AI in its encrypted form. This was a huge leap towards shared intelligence, and the proprietary federated learning patent complements and builds on this.

With these advancements in federated learning and data security, Lucinity continues to introduce new disruptive innovations to enhance financial crime compliance and global intelligence sharing.

Up Next ...
22 November 2024

Eden AI raises €3M seed round to bridge the gap between AI models and business needs

Eden AI, which works with more than 500 organisations including the Council of Europe and Atos, translates sophisticated AI models into practical tools for businesses...

22 November 2024

City Bank Adopts TranzAxis for E-Commerce Payment Solutions

This decision aligns with the bank’s focus on digital transformation and improving online transaction processes for merchants.

22 November 2024

Zellis summit maps bold future of innovation

Event showcases Zellis HCM AIR, realtime payroll, and AI-enhanced features

21 November 2024

Nubank Explores Legal Domicile Shift to the UK Amid Regulatory Changes

The decision, reportedly under discussion with the UK government, aligns with the UK’s efforts to attract global tech firms

More in FinTech

Eden AI raises €3M seed round to bridge the gap between AI models and business needs

22 November 2024

Eden AI, which works with more than 500 organisations including the Council of Europe and Atos, translates sophisticated AI models into practical tools for businesses...

City Bank Adopts TranzAxis for E-Commerce Payment Solutions

22 November 2024

This decision aligns with the bank’s focus on digital transformation and improving online transaction processes for merchants.

Zellis summit maps bold future of innovation

22 November 2024

Event showcases Zellis HCM AIR, realtime payroll, and AI-enhanced features

Nubank Explores Legal Domicile Shift to the UK Amid Regulatory Changes

21 November 2024

The decision, reportedly under discussion with the UK government, aligns with the UK’s efforts to attract global tech firms

White Papers FinTech

Open Finance in Review: Looking back at 2023

28 November 2023

In this insightful report, OzoneAPI delve into the pivotal developments that have shaped the landsca...

White Papers FinTech

Fintech 2030: The Industry View

02 October 2023

Key findings from the report:Embedded finance is expected to dominate the industry in 10 yearsThere...

White Papers FinTech

Pulse of Fintech H2 2022 report

27 July 2023

UK FinTech investment falls 56% to £14.42bn in 2022After an incredibly strong 2021, with total FinTe...

White Papers FinTech

The Rise and Impact of Fintech in Latin America

29 June 2023

Fintech also provides tools to help manage these risks. Financial authorities and their supervisees...

FinTech Connect 2024 - The Global FinTech Ecosystem . Connected.

FinTech Connect 2024 - The Global FinTech Ecosystem . Connected.

04 December 2024 - 05 December 2024

12:00 AM - 12:00 AM

ExCel London, Western Gateway, Royal Victoria Dock, London, London, E16 1XL

Free
Finnovate Europe

Finnovate Europe

25 February 2025

12:00 AM - 12:00 AM

InterContinental London - The O2, 1 Waterview Drive, London, Greenwich, SE10 0TW

£1,699.00