Over 250+ participants -- including 35 teams, and 46 organizations -- came together last month for DTCC’s first AI-powered Hackathon. In true DTCC spirit, the goal was to bring the industry together to tackle some of the most pressing challenges facing the financial markets – all through the power of innovation.
As part of DTCC’s dedication to fostering innovation in the financial markets, DTCC has committed $250,000+ in grants to fund the ongoing, open-source development of the below winning solutions through FINOS – the Fintech Open Source Foundation.
Read all about the winning projects below. And make sure to keep scrolling to catch a video message from the winning team -- CIBC!
Academic Institution Overall Award: AI-Powered Anti Money Laundering for Digital Wallets by Team Cipher Sentinel (Duke University)
Prize: $40,000 Funding Grant through FINOS
This team from Duke University presented a solution that leveraged AI to monitor digital wallets and detect suspicious activities in real time.
Vendor/Software Provider Award: Automated Regulatory Compliance by Team Accenture
Prize: Invitation to showcase technology and products during a separate DTCC-hosted event
This team’s solution addresses how challenging it can be to navigate the regulatory landscape. It leverages GenAI to automate the evaluation of regulatory documents, identify changes, and ensure compliance with internal controls.
Overall Awards
Gold: Automated Regulatory Change Management Solution by Team CIBC
Prize: $100,000 Funding Grant through FINOS
Given current methods to process complex regulatory information requires manual sifting through numerous sources – which is inefficient and prone to delays – Team CIBC introduced a solution that they estimate will save “months of work” per year per person.
Silver: Third-Party Cybersecurity Risk Scoring Platform by Team Cyber ThirdEye (with DTCC, Standard Chartered, Codincity, and Devrel)
Prize: $75,000 Funding Grant through FINOS
This team presented a unified dashboard for Chief Information Security Officers (CISOs) and senior leaders. The dashboard provides risk scores for vendors and enables visualization and management of cyber risks of all connected third parties and participants. This empowers proactive risk mitigation and streamlines audits, reducing manual effort and errors.
Bronze: AI-Powered Trade Settlement System by Team Xypher (Deutsche Bank)
Prize: $40,000 Funding Grant through FINOS
This AI-powered trade settlement system integrates trade verification, error detection, and liquidity optimization. It includes automation of real-time validation of trade details, minimizing settlement failures and manual intervention. It also forecasts liquidity requirements, fosters automated email communication, and utilizes an AI agent that checks trades for potential daisy chain events.
Team CIBC won the gold prize at Innovate. DTCC for their centralized platform that leverages AI to streamline the retrieval of regulatory updates.
“This was an excellent, practical tool that condenses a process that typically takes many hours,” said Johnna Powell, Managing Director, Head of Technology, Research and Innovation at DTCC. “With a simple yet impactful design, this is an intuitive solution that can be operationalized by firms immediately.”
Team CIBC’s solution automates discovery and simplifies the process for organizations to remain compliant.
WATCH: Loren Schwartz, CIBC Senior Director, Capital Markets Regulatory Technology, walks through the solution and reflects on his overall experience at the Innovate.DTCC Hackathon.