Ottawa’s MindBridge Ai strikes proof-of-concept deal with Bank of Canada

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MindBridge Ai CEO Eli Fathi. File photo

MindBridge Ai has been tapped to pilot its artificial intelligence-powered audit platform with Canada’s central bank, which could give the fast-growing Ottawa firm a major reference customer.

MindBridge, which uses AI to detect fraud activity in a company’s books, announced Wednesday it will participate in the Bank of Canada’s innovation program, putting its application to work spotting abnormalities in payment transactions.

MindBridge’s tech is especially relevant to the central bank, as it’s responsible for managing federal government funds. Should the pilot go well, MindBridge’s made-in-Ottawa tech might play a pivotal role in monitoring the feds’ payments through the Bank of Canada.

The proof-of-concept project will look to find ways to block atypical activity, monitor transactions in the Bank of Canada’s network and improve the central bank’s existing controls.

This isn’t MindBridge’s first interaction with a central bank, nor with a major Canadian institution. The Ottawa firm participated in the Bank of England’s fintech accelerator back in 2017. And just a few months ago, the company also raised its series-B round, with $14.5 million coming from the federal government itself.

MindBridge CEO Eli Fathi is also on the feds’ AI advisory council, helping to shape government policy around machine learning technology.