Ottawa, Canada, October 6, 2017 — The Bank of England announced that it has extended its Proof of Concept engagement with MindBridge™ Analytics Inc. to a second phase.
In the first phase, the MindBridge Ai Auditor™ tool demonstrated it can usefully detect anomalies in datasets and its intuitive user interface presented the results visually allowing the Bank to explore a time series of each variable while comparing the result to the industry average.
In this second phase, the Bank will build on the learnings from the first phase to look at the versatility of the MindBridge Ai Auditor to provide data visualisation and data preparation techniques for larger numeric and transaction-level datasets. The Bank is interested in the potential of machine learning to assist the way the Bank conducts plausibility and validation checks on different types of datasets. One of the datasets the Bank’s in-house experts will run through the MindBridge artificial intelligence tool will be the transaction data that will go towards calculating the Bank’s reformed SONIA (Sterling Over Night Index Average) benchmark.
“The Bank of England’s innovative FinTech Accelerator program is a great means to advance the adoption of artificial intelligence in the financial sector.” said Eli Fathi, MindBridge Ai CEO. “MindBridge is delighted to continue its collaboration with the Bank of England in applying our Ai Auditor technology against broader datasets that span regulatory and transactional data that is used in calculating the SONIA benchmark.”
The Bank of England FinTech Accelerator was launched in 2016 to work in partnership with firms working with new technology to explore how FinTech innovations could be used in central banking. This helps the Bank improve its understanding of FinTech trends, and allows it to support the development of the sector. It also offers firms a chance to demonstrate their solutions for real issues, gain knowledge from Bank experts and a valuable client reference.
About MindBridge Analytics Inc.
MindBridge™ Analytics Inc. MindBridge Ai is a venture-backed analytics company based in Ottawa, Canada. Through the application of machine learning and artificial intelligence technologies, the MindBridge Ai engine uncovers material irregularities in data that are caused by human error, or by intent. 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
The Bank of England’s announcement can be found here:
http://www.bankofengland.co.uk/publications/Pages/speeches/2017/1003.aspx
A summary of the first phase of the PoC can be found here:
http://www.bankofengland.co.uk/Documents/fintech/mindbridgeaipoc.pdf
