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08.24.17

Mizuho Primes for Financial Crime with IBM Watson

Mizuho is testing out new ways of risk management and dealing with financial crime by using IBM Watson’s cognitive technology, reports Paybefore’s sister publication Banking Technology.

The plan is to use the Watson-powered software, which runs on the IBM Cloud, to analyse a range of data sources, including retrieving news sources and extracting data using screening technologies, that were previously done by hand.

Mizuho says this can “efficiently verify financial crimes investigation efforts such as criminals including terrorists sneaking into the customer base.”

The test will take place in Singapore, which is “at the center of the growing Asian market and a country that proactively imposes anti-crime regulations and incorporates fintech.”

After this trial, the bank says it will evaluate using the technology in its global network, including locations outside of Singapore.

IBM Japan adds that it will support Mizuho to use its Financial Crimes Due Diligence with Watson tool, which helps to “reduce the time required to collect and analyze large volumes of data.”

Don’t be a stranger

Mizuho Bank is no stranger to what IBM can offer. Recently, it opted for a suite of IBM services to power its open banking ambitions in Japan. The bank will use IBM’s FinTech API solution, API Connect on the IBM Cloud and IBM DataPower Gateway. The shift to API banking is a common theme for many in fintech at present.

As reported in May, Mizuho also announced plans to start a venture to create new fintech businesses and catch up with its rivals.

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Image Credits: Paybefore/butlergraphics

This entry was posted on Thursday, August 24th, 2017 at 7:46 am and is filed under Pay News, Pay World.

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