OTTAWA, July 10, 2017: In a recently published article, the Bank of England provided an update to its announcement in March 2017 of MindBridge Analytics Inc. being selected as part of the Bank of England FinTech Accelerator program to prove the analytical value of artificial intelligence tools in anomaly detection.
In its update, the Bank of England said:
“Over the course of 8 weeks, MindBridge built a bespoke tool for the Bank’s Data and Statistics Division who collaborated with them to learn how the software analysed the data and detected anomalies, and suggested improvements and refinements to the tool. The tool used in this PoC was adapted from MindBridge’s Ai-Auditor software, originally created to detect fraudulent activity for audit purposes.”
“MindBridge’s tool demonstrated it can usefully detect anomalies in data sets. Its user interface is intuitive and presented the data visually, allowing the user to explore a time series of each variable, whilst comparing the result to the industry average.“
As a result of the proof of concept, the Bank of England is looking to explore more capabilities of the MindBridge Ai-Auditor platform through an extended second phase of the proof of concept.
“We greatly appreciate the feedback and collaboration with the Bank of England through this engagement which helped improve and refine the MindBridge application”, said Eli Fathi, MindBridge Analytics Inc. CEO. “The success of this proof of concept validates the enormous value of the MindBridge Ai-Auditor platform to leverage artificial intelligence technologies in delivering a user-friendly, intuitive application to uncover material irregularities across multiple industries.”
MindBridge Ai would also like to acknowledge the support of the National Research Council of Canada Industrial Research Assistance Program (NRC-IRAP) for its contributions in supporting the development of the MindBridge Ai platform which has enabled MindBridge to take a leading edge in delivering artificial intelligence based solutions to its global customer base including the Bank of England.
The Bank of England FinTech Accelerator was launched in 2016 to work in partnership with technology firms to help the Bank harness FinTech innovations for central banking. It offers firms the chance to demonstrate their solutions for real issues facing central bank policymakers, together with the valuable client reference that comes with it.
To see the article from the Bank Of England, please visit: http://www.bankofengland.co.uk/publications/Pages/news/2017/045.aspx
To read the proof of concept visit: http://www.bankofengland.co.uk/Documents/fintech/mindbridgeaipoc.pdf
About MindBridge Analytics Inc.
MindBridge Analytics Inc. is a venture-backed FinTech company based in Ottawa, Canada. Through the application of machine learning and artificial intelligence technologies, the MindBridge platform detects anomalous patterns of activities, unintentional errors and intentional misstatements. Using the MindBridge Ai-Auditor, organizations across multiple industries can minimize financial loss, reduce corporate liability and enhance their professional judgment. For more information, visit mbwebsite2021.wpengine.com