RedCompass Labs launches payments AI to save banks millions

• RedCompass Labs has launched the world’s first multi-agent AI solution engineered specifically to accelerate payments transformation
• AnalystAccelerator.ai. can automate up to 68% of a payments modernization project, potentially saving banks millions in fees.
• In trials with a Tier One bank, this AI tool cut task completion time from 25 days to less than 3 hours.

London, 12 November 2024 – RedCompass Labs, the global experts in payments modernization, has launched the world’s first multi-agent AI solution engineered specifically to accelerate payments transformation: AnalystAccelerator.ai.

Banks worldwide are juggling multiple, multi-year, multi-million-dollar modernization projects, such as ISO 20022, SEPA Instant in Europe, and FedNow and RTP in the US. Over nine in ten (91%) banks now consider payments modernization a high priority, but research shows most are struggling to meet demands. Failure to comply can lead to major fines (up to 10% of revenue in the case of SEPA Instant), exclusion from various payment schemes, and a loss of market share.

AnalystAccelerator.ai helps banks address these challenges with the world’s first applied AI tool for payments modernization. It’s built on knowledge from over 300 payment projects for world-leading banks and the most comprehensive library of global payments documentation.

Using AnalystAccelerator.ai, a business analyst can reduce manual work on a typical payment modernization project by up to two-thirds (68%). Regulatory and project documentation updates that used to take weeks can be completed in under a day, saving banks millions of dollars and months of work.

In trials with a tier one bank, AnalystAccelerator.ai reduced the time it took to create business requirements for the new SEPA Instant Payments Regulations from the standard 25 business days to 45 mins with two hours for human review and edits, delivering a 99.5% time-saving. This helped the bank to get back on track to meet the regulatory deadlines.

Each business analyst is paired with an AI agent, which taps into the collective brainpower of RedCompass Labs’ 20+ years of experience in payments modernization and includes regulatory and project-specific documentation. The AI-agents learn and adapt in real-time, enhancing productivity while retaining the highest levels of security and privacy. The platform’s key features include:

• Enhanced productivity: AI-agents work 24/7 while the knowledge workers they are assigned to strategise, collaborate, and complete tasks where human expertise is essential.
• Documentation creation: A key – yet laborious – element of payments modernization is capturing, documenting, designing, and testing payment platforms. AnaylstAccelerator.ai can draft and review while humans edit and sign off.
• Tailored AI agents: Each AI agent is dedicated to an individual analyst, learns from interactions, and retains contextual knowledge, ensuring continuity and adaptability for complex tasks.
• Unified collaboration: AnalystAccelerator.ai integrates institutional knowledge with workspace tools and data, such as Jira and Confluence, enabling seamless collaboration among teams to deliver faster, higher-quality outcomes.

Tom Hewson CEO at RedCompass Labs, comments: “The launch of AnalystAccelerator.ai marks a pivotal moment. The rate of change in payments has never been this fast – and will never be this slow again. Meanwhile deep payments expertise is sparse, leaving banks around the world struggling to keep pace. This has led to a decade-long trend of payment system outages and significant customer impact.

“But with AnalystAccelerator, banks can get ahead. AnalystAccelerator can more than double a bank’s output while maintaining costs or maintain output and cut costs in half. The choice is ours. Complex, costly projects like SEPA Instant, ISO 20022, FedNow and RTP are simplified and streamlined.

“Large language models don’t need to be tuned for speed—they can be tuned for accuracy. That is the difference between general generative AI (such as ChatGPT) and applied AI (such as AnalystAccelerator). AI agents can check, review, and prepare documents for publication, ready for final sign-off by people. Multi-agent AI models work 24/7, allowing workers to focus on more strategic tasks, free from the mundanity of manual work. Workers simply check in to review, approve, and reassign jobs to the agents. The productivity and time benefits are enormous.”

ENDS

About RedCompass Labs

RedCompass Labs enables good payments and helps stop the bad. We are experts in ISO20022-based payments, instant payments, cross-border payments, payments interoperability and financial crime. We use the latest Applied AI, micro-services technology and deep payment knowledge to deliver payment transformation projects. These solutions help our clients accelerate their payments modernization programs, reducing costs and regulatory risk.

The RedFlag Accelerator sets the industry standard for detecting financial crimes. Using a persona-oriented approach, it identifies the actors behind transactions—victims, money-laundering professionals, perpetrators, and more. By combining the very latest red flags, crime models, and OSINT data, our system detects crimes spanning labor and sex trafficking, elder abuse, drug trafficking, as well as scams and potential APP fraud within financial transactions. Our comprehensive offerings include algorithms, analytics, and training tools for bank’s systems and team.

With offices in London, Warsaw, Brussels, Singapore, Tokyo, Miami, Toronto, and Pune, we support clients worldwide.

To learn more about RedCompass Labs and its services, visit our website at www.redcompasslabs.com.

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