MindBridge partnering with Bank of Canada to detect payment fraud BetaKit

Ottawa-based MindBridge Analytics announced, on Wednesday, a partnership with the Bank of Canada that will see the FinTech and AI startup participate in a proof-of-concept project to track payment transactions. "Working alongside a leading central bank accelerates MindBridge's capabilities in delivering impactful solutions." Through the partnership, Bank of Canada will utilize MindBridge's AI platform, which analyzes large datasets to detect deviating patterns of activity and errors. The financial institution is hoping to develop an AI solution that can spot abnormalities in payment transactions. A core function of the Bank of Canada is to provide funds-management services to the Government of Canada, as well as other customers.