Verafin Enhances Financial Crime Management Solutions Suite with Launch of Entity Research Copilot — First of Its Integrated Copilot Capabilities
22 Aprile 2024 - 3:00PM
Business Wire
Proven Solutions with Integrated GenAI Copilot Features
Significantly Improve Investigator Efficiency with up to 90%
Reduction in Alert Review Time Compared to Legacy Approaches.
Verafin, a Nasdaq company, renowned for its expertise in
applying artificial intelligence (AI) and big data technologies to
fight crime, announces the launch of Entity Research Copilot, the
first of its integrated Copilot capabilities, bolstering its suite
of financial crime management solutions. Building on 20 years of
technology expertise for anti-money laundering, countering the
financing of terrorism (AML/CFT) and fraud detection, Verafin
continues its commitment to innovation with the introduction of
integrated Copilot features designed to further optimize compliance
workflows and streamline operations for financial institutions
worldwide.
Following an extensive Beta program, Verafin is rolling out
availability of its first copilot feature, the integrated Entity
Research Copilot, to its customer base of more than 2,500 financial
institutions. With the powerful combination of its targeted
AI-based analytics, consortium data, and robust visual
investigation tools, enhanced with new copilot capabilities,
Verafin significantly improves investigator efficiency with up to
90% reduction in alert review time compared to legacy
approaches.
Leveraging multiple automation technologies, including
generative AI (GenAI), Verafin’s Financial Crime Management Copilot
capabilities automates compliance tasks and daily workflows to
reduce operational costs and increase the efficiency of
anti-financial crime programs. By integrating Copilot features
directly into its purpose-built platform and workflows, Verafin
enables financial institutions to accelerate alert review,
investigation, and regulatory reporting processes, while assisting
with compliance with regulatory expectations and helping to
mitigate financial crime risks.
“Our Copilot capabilities represent the latest evolution of our
industry-leading financial crime management solutions,” said
Brendan Brothers, EVP, Financial Crime Management Technology,
Nasdaq and Co-founder, Verafin. “Optimizing fraud prevention and
AML/CFT programs for efficiency and improving effectiveness are top
priorities for financial institutions, as they face increasing
operational costs in today’s complex regulatory landscape, while
also keeping pace with evolving financial crime threats.”
With the availability of the Entity Research Copilot, the first
of its integrated copilot capabilities, Verafin is addressing one
of the most resource-heavy processes for banks: alert reviews, by
solving a significant pain point for investigators: manually
piecing together information on alerted entities and their
counterparties.
Key Features of Verafin’s integrated Entity Research
Copilot:
- Conducts intelligent, automated open-source research to collect
relevant information on entities and related counterparties.
- Expedites negative news searches on alerted entities and
counterparties by automating tasks associated with gathering
information across multiple data sources.
- Summarizes results in a thorough, concise research package for
the investigator.
- Provides a complete, cited, history of activities to ensure the
research is documented and auditable.
By integrating the Entity Research Copilot feature directly into
the workflow of its proven AML solution and leveraging the latest
GenAI models, Verafin reduces time investigators spend on manual
research tasks to expedite the alert review process and improve the
overall efficiency of institutions’ AML/CFT programs.
“Paired with our technology expertise in applying AI and other
automation techniques, our domain experience in anti-financial
crime has provided us with a deep understanding of the unique
workflows of compliance teams,” said Rob Norris, VP and Head of
Product Strategy, Nasdaq Financial Crime Management Technology,
Verafin “The Entity Research Copilot is the first of our integrated
copilot capabilities we are developing with our financial
institution partners. The use cases for applying GenAI and
integrating copilot features in our solutions spans alert review,
case investigation and regulatory reporting processes, with the
potential for financial institutions to enable enhanced process
automation.
“We are excited to bring our enhanced Copilot capabilities to
the market, building upon our proven expertise in providing
innovative, AI-based financial crime management solutions,” said
Brothers. “As financial crime continues to evolve, we remain
committed to empowering institutions with the solutions they need
to optimize operations, fight financial crime, and ultimately
safeguard the financial system.”
https://verafin.com/artificial-intelligence/?src=pr
Verafin, a Nasdaq company, provides cloud-based Financial Crime
Management Technology solutions for Fraud Detection, AML/CFT
Compliance, High-Risk Customer Management, Sanctions Screening and
Management, and Information Sharing. More than 2,500 financial
institutions globally, representing more than $8T in collective
assets, use Verafin to prevent fraud and strengthen AML/CFT
efforts. Leveraging our unique consortium data approach in targeted
analytics with artificial intelligence and machine learning,
Verafin significantly reduces false positive alerts and delivers
context-rich insights to fight financial crime more efficiently and
effectively.
About Nasdaq: Nasdaq (Nasdaq: NDAQ) is a leading global
technology company serving corporate clients, investment managers,
banks, brokers, and exchange operators as they navigate and
interact with the global capital markets and the broader financial
system. We aspire to deliver world-leading platforms that improve
the liquidity, transparency, and integrity of the global economy.
Our diverse offering of data, analytics, software, exchange
capabilities, and client-centric services enables clients to
optimize and execute their business vision with confidence. To
learn more about the company, technology solutions, and career
opportunities, visit us on LinkedIn, on X @Nasdaq, or at
www.nasdaq.com
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version on businesswire.com: https://www.businesswire.com/news/home/20240422977504/en/
Media Relations Contact Andrea King +1-709-325-2385
andrea.king@nasdaq.com Verafin, Nasdaq Financial Crime Management
Technology
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