WorkFusion Launches AI Digital Worker Isaac to Enhance Transaction Monitoring for Banks

  • AI digital workforce solution provider for banks and FIs, WorkFusion unveiled its latest digital worker, an AI transaction monitoring investigator called Isaac.
  • Isaac manages transaction monitoring alerts. The technology routes alerts to human investigators or closes them if they are determined to be non-suspicious.
  • WorkFusion demoed its technology at FinovateFall in 2014.

WorkFusion, an AI digital workforce solution provider for FIs, has launched its latest digital worker, an AI Transaction Monitoring Investigator called Isaac. The new offering leverages machine learning to enhance transaction monitoring alert management. By orchestrating alerts – working first-level alerts, auto-escalating alerts that might require investigation, and auto-closing non-suspicious alerts, Isaac enables anti-fraud analysts to focus on the more complex, higher risk fraud incidents.

“Our new AI Digital Worker, Isaac, reduces the alert review burden by helping to identify which alerts need to be escalated for further review and auto-closes those that it deems as non-suspicious,” WorkFusion VP of Financial Crime Art Mueller said. “Because Isaac creates an easy-to-read dossier with a supporting narrative and documentation, analysts move from authors of reports to editors – saving their time to work on higher-risk and higher value investigations.”

Isaac helps FIs manage transaction monitoring alerts. The technology automates transaction monitoring alert reviews and appropriately routes them to a human investigator, when necessary. If Isaac determines the alerts are not suspicious, it automatically closes them. Additionally, Isaac creates a dossier for each decision with a human-readable justification and supporting documentation. The technology is particularly helpful with transaction monitoring instances that produce a large number of alerts. These scenarios can include structuring, excessive fund transfers, unexpected account activity, as well as other high-risk factors. Note that Isaac is not a transaction monitoring tool itself, and does not initiate alerts on its own.

Headquartered in 2010 and founded in New York, WorkFusion demoed its Active-Learning Automation solution at FinovateFall 2014. Today, the company offers an AI-powered digital workforce that supports teams in operations such as anti-money laundering (AML), sanctions, customer onboarding, Know Your Customer (KYC), and customer service. WorkFusion’s solutions are not bots. Instead, the company’s digital workers leverage a combination of process knowledge and technologies – including AI, machine learning, intelligent document processing, and robotic process automation (RPA) – in order to complete jobs rather than merely rule-based tasks.

This summer the Bank of Asia announced that it would deploy WorkFusion’s AI Digital Worker, Evelyn, as part of its enhanced client onboarding experience. Evelyn provides negative news screening, a component of the KYC process that is especially helpful in combating money laundering, as WorkFusion CEO Adam Famularo explained.

“Adverse media monitoring is one of the most effective tools banks and financial institutions have to protect against money laundering,” Famularo said. “However, there are many news articles, most of which are irrelevant false positive, which consume a lot of time. By automating this laborious task, Bank of Asia will reduce its new client onboarding time and ensure a more positive customer experience.”

Photo by Alex Knight

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