REYKJAVIK, Iceland,, Sept. 5, 2024 /PRNewswire/ — Lucinity, the global leader in AI software for financial crime compliance, has secured a second patent from the US for its proprietary federated learning technology, which provides a unique approach to allow global financial systems to share algorithmic learning patterns without having to share sensitive data.
Intelligence can be securely shared across multiple entities, improving collaboration. This helps enhance AI models for boosting productivity and detecting cross-border financial crimes, while also enabling proactive measures to prevent illegal activities.
This methodology aligns with the latest global regulations, including the EU AI Act and onshoring requirements in countries like Singapore and Australia.
The design of the patented technology was born out of Lucinity’s research and development division, Lucinity Labs, which had been looking for a way to strengthen the financial services ecosystem while complying with data sharing laws.
This innovation was applied during a project with the Bank for International Settlements (BIS) Innovation Hub’s Nordic Centre that explored privacy-enhancing technologies and enhanced cooperation across institutions and borders.
“We believe in bringing connectivity to parts of the world where it wasn’t possible before. The biggest thing holding back adoption of advanced AI systems is the global concern over data security. Now, with our patented technology, algorithms from one market can share essential learnings with another market, and the data remains safe, private, and secure,” says Guðmundur Kristjánsson, CEO and Founder of Lucinity.
This federated learning patent, combined with Lucinity’s Generative AI technology, will unlock unprecedented intelligence in financial services, enabling more precise, efficient, and secure data analysis for combating financial crime.
As well as breaking down barriers in financial crime prevention, there is huge potential for federated learning to be applied in other sectors that handle sensitive data such as healthcare, DNA research, and pharmaceutical practices.
“The possibilities to apply this federated learning patent are endless. It will exponentially increase our capacity to utilize and learn from data like never before,” says Kristjánsson.
Lucinity has been at the forefront of AI technology since its inception. The company also received a patent in 2022 for another piece of AI, their Secure Lockbox, which features pioneering homomorphic encryption of data. This patent enables Lucinity to encrypt all personally identifiable information (PII) while still using PII as an input into AI in its encrypted form.
Contact:
Celina Pablo
celina@lucinity.com
+354 792 4321
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SOURCE Lucinity
