Fintech Friday: Silent Eight
Martin Markiewicz, CEO of Silent Eight, discussed his company’s origins and top global clients with Efma’s Boris Plantier.
What led to the creation of Silent Eight?
Silent Eight was founded by a team of engineers and data scientists who are passionate about combating money laundering and terrorist financing to make the world a safer place. In 2013, when we started our company and embarked on this mission, we ended up building what became an AI version of a human investigator.
The first customer that adopted our solution across their entire footprint, which included over 40 markets, was Standard Chartered Bank (SCB) in 2018. After a year of using our AI, SCB participated in our series A funding and furthered their investment with us.
Today, with a technical background still at our core, we serve Tier 1 and Tier 2 banks and financial institutions around the world.
Could you present Silent Eight ‘s offer?
Silent Eight’s AI solves name, entity, and transaction alerts. Our solution is available via on-prem or cloud deployment. Most recently, in response to the global pandemic, we have enhanced our offering to be on-demand and available with no contract or minimum.
Our AI is able to process 2m alerts per day and has been approved by regulators in over 60 jurisdictions. What makes our solution different from others in the market is that our AI works in partnership with your screening engine and analysts. The AI sits inside your firewall and then presents a solved output (in English or preferred language) into your case management system. Our difference is we guarantee no surprises, no scoring or weighting — and, most importantly– less risk for your institution.
What’s coming next for Silent Eight?
We will be going to market with our transaction monitoring solution by Q4 of this year. In addition to this new solution, we are focusing on global expansion and recruiting to support our growth within the financial services sector.