28th February 2023: ISX Financial EU Plc is pleased to announce that its wholly owned subsidiary, ISX IP Ltd, has been granted a further Australian patent 2017361132 as at 23rd Feb 2023.
The term of this standard patent is 20 years from the date of the patent application until 20 November 2037.
The invention compares current transactional data with historic data in order to determine if the person initiating a current transaction has previously been identified.
The invention has application across anti-money laundering applications, and can be implemented by means of AI/Machine Learning or by conventional coding techniques with fuzzy/grey logic.
Transaction monitoring is one of the three key requirements of anti-money laundering, alongside customer due diligence (CDD), which is also known as Know Your Customer (KYC) or Identity Verification (IDV), and the key requirement of record keeping and reporting.
Commercialisation of the patent will be by Probanx Solutions Ltd, to coincide with the anticipated release of its updated core banking platform, CorePlus II in late 2023 / early 2024.
Patent can be be viewed by clicking on the button below.
Further details are available here (https://pericles.ipaustralia.gov.au/ols/auspat/applicationDetails.do?applicationNo=2017361132)