In the evolving FinTech landscape, payments system protection against financial crime is key, especially when it involves maintaining user privacy.
This challenge is at the heart of Project Hertha, a ground-breaking initiative spearheaded by the BIS Innovation Hub’s London Centre in collaboration with the Bank of England.
Project Hertha is named in honour of the remarkable British scientist and suffragette, Hertha Ayrton, renowned for her pioneering work and becoming the first woman to present a paper before the Royal Society in 1904. The project embodies the spirit of innovation and dedication that Ayrton championed throughout her life.
The primary objective of Project Hertha is to explore the potential of network analytics in pinpointing patterns of financial crime within real-time payment systems. It aims to achieve this by meticulously mapping current and emerging financial crime typologies, drawing invaluable insights from existing instant payment systems and digital asset networks.
A significant part of this endeavour involves the creation of a synthetic dataset, meticulously designed to accurately identify these typologies, all the while significantly reducing the instances of false positives.
The essence of Project Hertha is encapsulated in its commitment to preserving user privacy while enhancing the security of financial transactions. This initiative is not just a technological leap but also a tribute to Hertha Ayrton’s legacy, blending scientific excellence with a deep commitment to societal progress.
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