Virtusa and WorkFusion announced an artificial intelligence (AI) powered sanction screening solution has been launched today, helping banks reduce operational effort and manage false positives.
Playing a critical role in supporting government sanctions lists is a bank’s Office of Foreign Assets Control (OFAC), preventing payments to designated countries, corporate entities or individuals.
Multiple government lists are evolving daily as the amount of transactions rise, however, banks are required to retune their sanctions continuously, monitoring software to keep pace with changes.
Banks have paid over US$10billion in non-compliance fines in the last three years alone, which has resulted in creating situations of non-compliance and potential fines.
Bob Graham, global solutions head of Banking and Financial Services at Virtusa, said: “The manual effort to research and resolve false positives is a significant operations cost for most banks today, but the cost of non-compliance is even greater given steep monetary fines.
“The power of machine learning combined with Robotic Process Automation (RPA) offers a great opportunity to apply technology to this cognitive operational process and drive increased automation. Our solution brings the intelligence needed to reduce resolution time for false positives, which allows financial institutions to lower their compliance costs and reduce mistakes that can damage their security and reputations.”
Virtusa has combined its deep expertise in payments and regulatory compliance, its Innovation Lab sandbox, and the power of machine learning and robotics in WorkFusion’s Intelligent Automation platform to deliver a smart application that reduces the manual effort required to resolve false positives.
Alex Lyashok, president at WorkFusion, added: “Sanctions screening is a very expensive example of why the pressure on businesses to increase efficiency and mitigate risk is so high.
“Virtusa has been helping businesses around the world transform and digitise with our RPA and cognitive automation products, and now our co-developed sanctions screening app, powered by WorkFusion Smart Process Automation, delivers that value in a turn-key solution. We are excited about how Virtusa is using our products to create solutions for customers, and we will continue to invest in the relationship to deliver bigger, faster, and simpler business value.”
The sanctions screening solution has been launched today at the WorkFusion Ascend Summit, London.
Written from press release by Leah Alger