Emirates NBD pilots new AI compliance tech to reduce risks, improve payment speed

16/05/2025 04:32 AST

Emirates NBD is rolling out a new AI-driven solution to strengthen its compliance checks on payments and trade transactions, as part of a wider effort to improve safety, speed, and transparency in financial services.

The bank has partnered with UK-based RegTech company Global Screening Services (GSS) to implement its network-based sanctions screening platform, a tool designed to help banks better detect risks, adapt to fast-changing regulations, and make payments more secure and efficient.

Built using shared intelligence and adaptive algorithms, the GSS system supports compliance with emerging international standards like ISO 20022, which is increasingly becoming the global norm for secure financial messaging.

The platform allows banks to:

Detect and respond to potential sanctions risks in real-time

Avoid false alarms that slow down transactions

Reduce manual checks that can impact customers

Comply with both local and international regulatory frameworks

The move reflects Emirates NBD's continued focus on risk management and digital innovation, especially as regulators around the world push for higher transparency in cross-border payments.

The collaboration is part of a multi-year initiative involving GSS and more than 30 financial institutions globally. Emirates NBD also confirmed that it is evaluating a potential strategic investment in GSS through its Innovation Fund - which backs fintechs aligned with the bank's long-term goals.

The partnership was formally announced during the Dubai FinTech Summit by Emirates NBD's Group Chief Compliance Officer, Victor Matafonov, alongside GSS executives.

Why this matters:

For banks, keeping up with global sanctions lists and financial crime regulations is becoming more complex. Platforms like GSS aim to simplify and centralise these checks across the financial system, potentially making compliance faster and less expensive.

For customers, this means fewer delays in international payments and better protection against fraud or processing errors, without compromising on security.

Gulfnews