London-based regtech Napier AI has been selected to participate in the UK Financial Conduct Authority’s (FCA) AI sandbox, a three-month programme designed to advance artificial intelligence applications in financial services.
The initiative, announced in June, represents a collaboration between the FCA and Nvidia aimed at accelerating safe AI adoption across the UK’s financial sector. The programme builds upon the existing digital sandbox infrastructure established by NayaOne in 2023.
Through the sandbox, Napier AI will gain access to Nvidia’s accelerated computing infrastructure and AI Enterprise software platform. The company says it plans to test “novel frequency-based AI algorithms on large-scale, synthetic financial data sets to detect money laundering typologies more efficiently than previous rules-based systems”.
Five members of Napier AI’s data science team will join the scheme’s inaugural cohort, including chief data scientist Dr Janet Bastiman. Participants will engage in an industry bootcamp and demonstration events, and will also produce a testing report to present their final solutions.
Napier AI, founded in 2015, specialises in client screening and transaction monitoring tools for financial institutions.
“The effective and ethical deployment of AI systems across financial services is not a challenge the industry can solve alone, requiring cross-collaboration from businesses, regulators and technology providers to put robust risk management frameworks and safe innovation environments in place,” states Napier AI’s chief product officer, Will Monk.
Source: https://www.fintechfutures.com/
