CGI announces blockchain and cybercrime solutions for banks

22 November 2018 2 min. read

Management and technology consultancy CGI announced a successful collaboration with the National Bank of Canada and Skuchain on a blockchain solution to negotiate standby letters of credit and guarantees. The company also announced the launch of CGI HotScan360, which delivers real time anti-money laundering and fraud detection capabilities.

The blockchain solution, piloted at the National Bank of Canada, delivers a better way to manage the complex conditional agreements used by banks to secure financial transactions – currently conducted via email, often resulting in delays and errors.

Built on the CGI Trade360 trade finance platform and blockchain startup Skuchain’s Contract Builder, the solution delivers transparent, blockchain-enabled smart contracts. Customers can conclude negotiations of standby letters of credit and guarantees entirely on digital smart contracts – which can intelligently construct agreements and securely communicate changes on a decentralized, shared digital ledger.

"This pilot project is a great opportunity to leverage blockchain technology to simplify the process for negotiating standby letters of credit and guarantees while making it more transparent and secure. This will enable us to offer a simple, fast and efficient experience to our commercial clients which facilitates managing their business," commented Patrice Roy, Vice President, Payments, Cash Management and International Solutions at National Bank of Canada.CGI announces blockchain and cybercrime solutions for banksMeanwhile, CGI HotScan360 – a new, enhanced version of the consultancy’s industry-leading HotScan solution – allows companies to more effectively address increasingly sophisticated financial crime threats. With billions of financial transactions taking place, it can be a complex task to ensure that each one is legitimate, especially if firms rely on multiple solutions covering different aspects of protection.

HotScan360 provides a one-stop platform that scan transactions in real-time, utilizing a machine-learning powered risk engine that can scan and score thousands of transactions per second. The engine also uses advanced analytics and automation technology, and complies with new and upcoming regulations, including PSD2, GDPR, and SEPA instant payment requirements.

"Financial crime is increasingly sophisticated, and new technologies enable criminals to replicate fraud across the globe 24/7," commented CGI Vice-President Jan Macek. "In addition, with real-time payments, banks no longer have hours or days to analyze transactions, but must do so instantaneously, within milliseconds. CGI HotScan360 meets the demands of the digital age through real-time monitoring and advanced data analysis of customer activities while reducing operational costs and providing a global support network."

The enhanced solution will aim to retain CGI’s place atop the anti-financial crime software and services industry. Its current HotScan solution is used in 40 countries and helps settle US$5 trillion in payments per day.