For a method that uses clever algorithms to determine whether security alerts may be real threats, has reportedly obtained a trademark in both the UK and the U.S.
Fintech Finance News on Monday ( March 3 ) that this methodology applies to the company’s Global Correlation Engine ( GCE), which is designed to improve cybersecurity and the handling of alerts by reducing false positives and letting users concentrate on real attacks.
PYMNTS requested a reply, but Lloyds Banking Group did not respond right away.
According to the report, the company is also working to add more layers of techniques, including artificial intelligence ( AI), to its GCE.
According to the report, the technology’s possible programs include protecting against supply chain scams, cyber-enabled scams, and other threats.
According to the PYMNTS Intelligence report,” ,” the share of chief operating officers ( COOs ) reporting their companies have implemented AI-powered automated management systems increased threefold between May and August.
According to the report, the share of these COOs increased from about 17 % in May to 55 % in August as a result of the increase. Each of the COOs questioned for the report represents a company that generates more than$ 1 billion in annual revenue.
Following reports of some other business projects that use the use of AI, the statement from Lloyds Banking Group’s GCE comes news of some other organization projects.
The ing Group company announced in September that it had collaborated with Cleareye, an AI program. using AI to simplify the handling and compliance testing for trade finance documents.
Our collaboration with Cleareye and our customers are constantly looking for ways to make trading simpler, faster, and more effectively done. In a press release released on September 3, , head of business and working funds items at Lloyds Bank Commercial Banking, stated that ai enables us to provide this.
In August, Lloyds appointed , a veteran of ( AWS), as its director of AI, directing the company’s AI Center of Excellence and promoting the use of AI-powered products and services for the lender.
In a press release outlining the bank’s key data and analytics officer, , said,” Rohit will work across the business to more combine AI outcomes into business priorities.”