Verafin has added artificial intelligence (AI) co-pilot to its suite of financial crime management solutions.
The new Entity Research Copilot is being deployed to the company's customer base of over 2,500 financial institutions. Nasdaq The company said on Monday (April 22): press release.
“As financial crime continues to evolve, we remain committed to providing institutions with the solutions they need to optimize their operations and combat financial crime.” and Ultimately, it protects the financial system. ” brendan brothersExecutive Vice President; finance Nasdaq Crime Management Technology and Verafin co-founder said in a release.
According to the release, the newly integrated AI CoPilot capabilities will further optimize compliance workflows, building on Verafin's technical expertise in anti-money laundering, countering the financing of terrorism (AML/CFT) and fraud detection. It is said to be designed to streamline the operations of financial institutions.
Entity Research Copilot powers AI-based analytics, consortium data and Verafin, a visual investigation tool, increases investigator efficiency and can reduce alert review time by up to 90% compared to traditional approaches, the release states.
The First Officer collects relevant information about the entity and associated counterparties, expedites the search for negative news regarding alerted entities and counterparties, summarizes results for investigators, and conducts investigations according to releases. ensure that it is documented and auditable.
“Entity Research Copilot is the first integrated Copilot capability we are developing in collaboration with our financial institution partners.” rob norrissaid Verafin's Vice President and Head of NASDAQ Financial Crime Management Technology Product Strategy in a release. “The use cases for applying GenAI and integrating copilot functionality into our solution range from alert review to case investigation. and It has the potential to enhance regulatory reporting processes and enable financial institutions to increase process automation. ”
PYMNTS Intelligence found that approximately 70% of financial institutions are using AI and machine learning (ML) to fend off fraudsters.
They do so at a time when more than 40% of financial institutions say: financial crime According to “, it is on an upward trend.Financial institutions modernize technology to fight financial crime”, PYMNTS Intelligence and Hawk AI collaboration.
Another recently announced product in this area is oracle financial services Said April On the 8th, we announced the launch of an AI-powered cloud service to help banks reduce risk. AML risk.
new Oracle Financial Services Compliance Agent The company said it “identifies and remediates vulnerabilities” as the product is introduced.