WESTBOROUGH, Mass.--(BUSINESS WIRE)--Sep. 27, 2017--
Virtusa Corporation (NASDAQ GS: VRTU), a global business consulting and
IT outsourcing company that accelerates business outcomes for its
clients, and WorkFusion, the leading provider of intelligent automation,
today announced the launch of an artificial intelligence (AI)-powered
sanction screening solution that helps banks reduce operational effort
and manage false positives.
A bank’s Office of Foreign Assets Control (OFAC) program plays a
critical role in supporting government sanctions lists for preventing
payments to designated countries, corporate entities, or individuals.
There are multiple government lists and they evolve daily as the number
of transactions continues to rapidly rise. Banks are required to
continuously retune their sanctions monitoring software to keep pace
with these changes. However, the number of permutations that exist to
account for misspellings, pseudonyms, abbreviations, and phonetic
similarities creates trillions of possibilities that outstrip the
abilities of traditional rules-based software to handle, resulting in
many payments being stopped as a false positive until researched and
cleared by the banks operations team. The result creates operational
inefficiencies and delays in valid payments, resulting in customer
dissatisfaction. At the same time, weak screening processes can result
in creating situations of non-compliance and potential fines as banks
have paid over $10 billion in non-compliance fines in the last three
years alone.
“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,” said Bob
Graham, global solutions head, Banking and Financial Services, Virtusa.
“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. The Virtusa solution works on top of a bank’s
sanction screening application stack and comes preloaded with process
templates for payment message analysis, pre-built exception handling
components, and a data model that leverages historical data to jumpstart
the training process. The solution is self-learning and routes low
confidence cases to human operators, learns from their work patterns,
and, over time, helps improve effectiveness by shifting more cases to
automation.
“Sanctions screening is a very expensive example of why the pressure
on businesses to increase efficiency and mitigate risk is so high,” said
Alex Lyashok, president, WorkFusion. “Virtusa has been helping
businesses around the world transform and digitize 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.”
As a strategic partner of WorkFusion, Virtusa supports deployments
globally through its Intelligent Automation Center of Excellence by
providing domain-specific WorkFusion accelerators that reduce time to
market and deliver greater business value to clients. The sanctions
screening solution will launch at the WorkFusion Ascend Summit,
September 27-28, 2017 in London.
Interested to know more or see a demo of the solution? Please contact
us: http://ww2.virtusa.com/l/15882/2017-09-21/7tq2xn
About WorkFusion
WorkFusion's Intelligent Automation
empowers enterprise operations to digitize. WorkFusion combines all of
the RPA and AI-powered capabilities that global businesses need to
digitize into enterprise-grade automation products purpose-built for
operations professionals. Operations teams at data-intensive
organizations, such as global banking and financial services companies,
healthcare and insurance providers, and BPO firms use WorkFusion
Intelligent Automation to become leaner, more productive and agile. For
more information about WorkFusion please visit www.workfusion.com.
About Virtusa
Virtusa Corporation (NASDAQ GS: VRTU) is a
global provider of information technology (IT) consulting and
outsourcing services that accelerate business outcomes for Global 2000
companies and leading software vendors in banking and financial
services, insurance, healthcare, telecommunications, technology, and
media & entertainment.
Virtusa helps CXOs' address the dual challenge of growing revenues while
improving IT cost efficiencies. Virtusa's digital transformation &
innovation (DTi) solutions enable clients to reimagine the customer
experience, accelerate revenue growth and creating lasting business
value. The company’s operational excellence (OE) solutions help clients
reduce risk, improve operational efficiencies, and lower IT costs.
Virtusa delivers services across the IT lifecycle, including consulting,
solution design, technology selection, implementation, testing, and
maintenance, including infrastructure support. With a strong heritage in
software engineering, Virtusa is highly qualified to both develop and
maintain software, using a proven platforming methodology and advanced
Agile and Accelerated Solution Design techniques to reliably deliver
results on time and within budget.
Holding a proven record of success across industries, Virtusa readily
understands its clients' business challenges and uses its domain
expertise to deliver distinctive, differentiated and innovative
applications of technology to address its client critical business
challenges. Examples include building the world's largest P&C claims
modernization program; one of the largest corporate customer portals for
a premier global bank; an order to cash implementation for a
multinational telecommunications provider; and digital transformation
initiatives for media and banking companies.
Through the acquisition of a majority interest in Polaris Consulting
Services Ltd. in March 2016, Virtusa has created a robust platform to
provide end-to-end solutions and services in banking and financial
services, strengthening its positioning as a top, global FinTech
services provider. Virtusa Corporation is headquartered in Massachusetts
and has 50 offices across North America, Europe and Asia.
Polaris Consulting & Services is a subsidiary of Virtusa Corporation.
Copyright © 2017 Virtusa
Corporation. All Rights Reserved.
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Source: Virtusa Corporation
Greenough
Amy Legere, 617-275-6517
alegere@greenough.biz