MindBridge announces collaboration with the Bank of Canada on AI and payment transactions

MindBridge | Roy Sarkar | Oct 23, 2019

mindbridge partners with bank of canada - MindBridge announces collaboration with the Bank of Canada on AI and payment transactionsOttawa, Canada, October 23, 2019 – MindBridge Analytics Inc. has been selected by the Bank of Canada to be a part of the Bank’s ‘Partnerships in Innovation and Technology’ (PIVOT) program (PIVOT) in a proof-of-concept application of its artificial intelligence solution to spot abnormalities in payment transactions.

One of the Bank’s core functions is to provide funds-management services to the Government of Canada, itself, and its other clients. This funds-management involves the secure inflow and outflow of payments. Relevant and timely intelligence is a critical factor in effectively monitoring payment systems, as indicated by recent industry research.

Through this proof-of-concept application, the Bank will collaborate with MindBridge to leverage its proven AI platform to understand how artificial intelligence and machine learning can augment its existing controls, learn from historical transactions, monitor transactions, and block atypical activity when detected to further enhance the protection of payments.

‘We are excited to collaborate with the Bank of Canada through its innovative PIVOT program. Working alongside a leading central bank accelerates MindBridge’s capabilities in delivering impactful solutions in the financial sector and further demonstrates the extensibility of the MindBridge AI platform,” said Eli Fathi, MindBridge CEO.

Upon completion of this proof-of-concept, the Bank will publish a summary of this initiative.

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Launched in 2018, the Bank of Canada’s PIVOT program builds on the Bank’s commitment to deepen its knowledge of leading-edge technologies and its engagement with innovators in Canada and globally. PIVOT aims to identify and solve unique business challenges that may not have a readily available commercial solution. It will also allow Bank staff to keep pace with emerging technologies and their applications and broaden relationships with the innovation and technology communities. For more information on the Bank’s PIVOT program, visit https://www.bankofcanada.ca/research/partnerships-in-innovation-and-technology-pivot-program/

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You may like to know:  The partnership with a major financial institution follows MindBridge bringing in $29.6 million in funding earlier this year. At least $14.5 million of that came from the federal government through its Strategic Innovation Fund (SIF) to support a $140.8 million project taken on by MindBridge, as the startup looks to develop a tool meant to help its client companies analyze their own data more effectively.


NCFA Jan 2018 resize - MindBridge announces collaboration with the Bank of Canada on AI and payment transactions The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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