Flagright has recently teamed with OpenAI to introduce Flagright AI, an AI suite to provide AML compliance and fraud prevention capabilities globally.
The company remarked that the new capabilities will arm FinTechs & neobanks with the best-in-class operational tooling in case management, ops collaboration, merchant monitoring, transaction monitoring, and more.
The GPT-powered merchant monitoring and alerting feature enable Flagright customers to monitor merchants across multiple public sources and social media channels.
This, Flagright claims, helps FinCrime teams quickly identify significant changes in their customers’ business, such as products sold, number of employees, business industry, and more, which may indicate significant changes in the nature of a business and signal additional AML/fraud risks or opportunities.
The capability eliminates 100% of the manual monitoring efforts and drastically improves FinCrime operations while ensuring fast response times and maximum risk-mitigation. Flagright merchant monitoring is seamlessly integrated to rules engine, risk scoring, and case management systems to create alerts in real-time and enable investigations in a more seamless manner.
In addition, with Flagright AI being able to summarise the highlights of customer correspondence, AML & fraud analysts can further streamline the investigative process by eliminating redundant research. As a result, Flagright claims this saves analysts save 15% time each day, improving operational efficiency and accuracy, and yielding much superior customer satisfaction with optimized response and processing times.
The product’s AI Narrative Writer for for alerts and cases also ‘drastically’ improves analyst performance on recurring writing and communication tasks, claims Flagright, with the company stating it also boasts an impressive 90%+ decrease in the time it takes to write a contextual narrative for each suspicious activity.
Flagright AI trains captures an analyst’s writing style, sentiment, user information, closing reason, specific suspicious activity, and more for high quality outcomes.
Furthermore, the firm’s SAR generator leverages GPT and can automatically create a SAR for any suspicious activity flagged by its platform’s monitoring systems.
The generator leverages NLP to extract key details from the flagged activity and creates a comprehensive SAR in seconds. This enables MLROs and BSA officers to focus on reviewing the generated content by saving 99% of the time they would spent otherwise without Flagright AI.
Flagright said its new product represents a ‘significant milestone’ in its journey to empower financial institutions with the best-in-class operational tooling for AML compliance and fraud prevention.
Flagright co-founder and CEO Baran Ozkan said, “Flagright AI represents a significant leap forward for the financial industry by leveraging the power of AI to provide our customers with the most advanced AML compliance and fraud prevention capabilities available. Our suite of tools offers the most powerful operational tooling for case management, merchant monitoring, transaction monitoring, and more.
“We believe that our AI suite will revolutionise how financial institutions approach AML compliance and fraud prevention, providing a level of efficiency and accuracy that is simply not possible with manual processes alone. With Flagright AI, our customers can stay ahead of the curve in a rapidly evolving industry and ensure that they are always compliant with the latest regulations.”
Going forward, Ozkan claims the firm is committed to ‘continuous innovation and evolution’, with its goal to remain at the forefront of the financial industry by providing our customers with the most advanced and effective AML compliance and fraud prevention solutions available.
Ozkan added, “We will continue to invest in cutting-edge technologies like artificial intelligence and machine learning to ensure that our platform remains at the forefront of the industry. Additionally, we will continue to expand our partnerships and collaborations with other industry leaders to deliver the most comprehensive and effective solutions possible. We are excited about the future of Flagright and look forward to continuing to drive innovation and progress in the financial industry.”
Flagright recently has entered the US market. According to the firm, the move into the US strengthens the company’s position as a provider of no-code centralised AML compliance and fraud prevention solutions and marks a ‘significant milestone’ in its journey.
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Copyright © 2018 RegTech Analyst
