Citi Secures Patent for AI-Powered Suspicious Activity Reporting System in North Texas

A team based in Irving has successfully patented a system designed to assist Citibank, a banking institution headquartered in New York, in its efforts to combat financial crime. The newly awarded utility patent, granted by the U.S. Patent and Trademark Office on September 22, covers methods and systems for generating suspicious activity reports (SARs) using large language models.

Historically, preparing SARs has been a lengthy and error-prone process for financial institutions, according to Citibank. The traditional approach often leads to many false positives, with research indicating that only about 4% of SAR filings necessitate action from law enforcement. The newly patented AI system enhances this process by pulling transaction data from customer devices and internal databases. If a transaction’s fraud risk exceeds a predefined threshold, the system generates instructions for a large language model to create a machine-readable SAR.

The patent identifies five inventors from Irving: Brett Pickard, Deepali Tuteja, Girish Wali, Prasanth Babu Madakasira Ramakrishna, and Saketh Ram Gurumurthi, alongside Miriam Silver from Tel Aviv.

This patent is part of a broader trend in North Texas, which saw 106 patents issued during the week of September 22, ranking the region ninth among U.S. metros for patent activity. Notable patents awarded that week included ten for Texas Instruments in Dallas and others for companies like Actuate Therapeutics and Traxxas.