The startup develops intelligent banking software that integrates artificial intelligence and blockchain to unify data and functionality across banking operations, including payments, onboarding, and fraud prevention. This integration enhances operational efficiency and capability for financial institutions by eliminating data silos and streamlining processes.
Funding
$12.5M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Financial institutions often struggle with fragmented data and siloed systems across various banking operations, leading to inefficiencies in payment processing, customer onboarding, merchant management, and fraud prevention. This lack of integration hinders operational agility and the ability to offer seamless customer experiences.
Solution
Silot provides a suite of AI and blockchain-powered solutions designed to unify data and streamline workflows across key banking functions. The platform connects traditionally siloed areas such as payment processing (issuing and acquiring), merchant onboarding, merchant management, and anti-fraud/AML compliance. By creating a unified platform, Silot enables banks to onboard merchants more efficiently, accept a wider range of payment methods through a single integration, and leverage shared intelligence for enhanced fraud prevention. The system employs a Fintech Knowledge Graph and a consortium blockchain to facilitate secure and inclusive data sharing between clients and partners.
Target Audience
Silot targets retail banks and financial institutions seeking to improve operational efficiency, reduce costs associated with merchant acquisition and compliance, and enhance their payment processing capabilities. The platform also serves merchants looking for tools to streamline onboarding, manage promotions, and gain business insights.
Features
- **Silot Payment Engine:** Enables acceptance of major payment methods, including Visa QR, Mastercard QR, Alipay, WeChat Pay, and local payment schemes through a unified QR-code transaction feature.
- **Silot Merchant Suite:** Provides an all-in-one merchant onboarding and management platform for both legacy and new payment channels, including tools for customized coupon creation and distribution.
- **Silot Guardian:** Connects transaction and onboarding anti-fraud/AML processes, leveraging real-time pattern recognition and high-frequency trading algorithms for next-level fraud prevention.
- **Silot Connect:** Allows partners and clients to leverage shared information in a secure and efficient way to prevent fraud through shared blacklists.
- Business intelligence analytics reports accessible through a web portal and mobile app.