CSI Launches AI-Powered AML Solution in Collaboration With Dataseers

CSI has launched an artificial intelligence (AI)-powered anti-money laundering (AML) solution and said it plans to add more solutions of this kind later this year.

The provider of financial software and technology said in a Monday (April 21) press release that these new solutions are powered by Dataseers, a B2B software-as-a-service (SaaS) company specializing in tools for risk, fraud, compliance and operations.

The solution that was launched Monday, TruDetect, provides templates for suspicious activity report (SAR) and currency transaction report (CTR) narratives; customer behavior dashboards; tailored user roles, workflowsand alerts; and AI-powered risk confidence scoring, according to the release. It can be integrated into any core banking system.

“TrueDetect seamlessly integrates into any bank’s compliance team, instantly providing support and AML protection that causes no disruptions to the customer experience,” CSI Chief Risk and Information Security Officer Steve Sanders said in the release.

The solutions that will be rolled out later this year are called TrueProtect and will monitor for malicious account takeovers in addition to suspicious P2P, ACH, wire and card activity, per the release.

“With TruProtect, we’re putting AI-powered prevention measures within reach for community banks, helping them stay one step ahead of bad actors without requiring specialized technical expertise or massive security teams,” Sanders said in the release.

Dataseers founder and CEO Adwait Joshi said in the release that the partnership between the two companies will enable financial institutions to not just react to threats, “but stay steps ahead, delivering trust and excellence at every turn.”

These new solutions are the latest offerings to CSI’s growing product suite.

CSI said in September that it acquired overdraft management software firm Velocity Solutions to help bankers establish controls according to account behavior, giving them access to a real-time dashboard that tracks the health of their overdraft program.

In July, CSI debuted a developer portal for community banks, saying it enables these banks to consider more application programming interfaces (APIs) across account opening, payments, document services and other applications, to onboard new solutions to open new lines of revenue, streamline back-office operations and enhance their engagement with account holders.