Ottawa, 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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