Verafin Introduces AI Copilot for Financial Crime Management Solutions

Verafin Introduces AI Copilot to Fight Financial Crime

In a move to stay ahead of evolving financial crime trends, Verafin has announced the addition of an artificial intelligence (AI) copilot to its suite of financial crime management solutions. The new Entity Research Copilot is set to revolutionize the way financial institutions combat fraud and money laundering.

With a customer base of over 2,500 financial institutions, Verafin is rolling out this new integrated AI copilot to enhance compliance workflows and streamline operations. According to Brendan Brothers, executive vice president of financial crime management technology at Nasdaq and co-founder of Verafin, the goal is to empower institutions with the tools they need to safeguard the financial system.

The Entity Research Copilot is designed to optimize investigator efficiency by collecting relevant information on entities and related counterparties, expediting negative news searches, summarizing results, and ensuring auditable research documentation. This new feature is expected to deliver up to a 90% reduction in alert review time compared to traditional approaches.

Rob Norris, vice president and head of product strategy at Verafin, highlighted the potential for financial institutions to enable enhanced process automation through the use of GenAI and integrated copilot features. This development comes at a time when financial institutions are increasingly turning to AI and machine learning to combat fraud, with over 70% of institutions utilizing these technologies.

In a collaborative study by PYMNTS Intelligence and Hawk AI, it was found that more than 40% of financial institutions believe financial crimes are on the rise. This underscores the importance of innovative solutions like Verafin’s Entity Research Copilot in the ongoing fight against financial crime.

Oracle Financial Services recently launched a similar AI-powered cloud service to help banks mitigate AML risks, further highlighting the industry’s shift towards advanced technologies in the fight against financial crime. As the landscape continues to evolve, it is clear that AI will play a crucial role in ensuring the security and integrity of the financial system.