Sign In  |  Register  |  About Burlingame  |  Contact Us

Burlingame, CA
September 01, 2020 10:18am
7-Day Forecast | Traffic
  • Search Hotels in Burlingame

  • CHECK-IN:
  • CHECK-OUT:
  • ROOMS:

Verafin Enhances Financial Crime Management Solutions Suite with Launch of Entity Research Copilot — First of Its Integrated Copilot Capabilities

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

Contacts

Media Relations Contact

Andrea King

+1-709-325-2385

andrea.king@nasdaq.com

Verafin, Nasdaq Financial Crime Management Technology

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
 
 
Copyright © 2010-2020 Burlingame.com & California Media Partners, LLC. All rights reserved.