Flagright is thrilled to announce the launch of our AI suite, Flagright AI, delivering the most powerful capabilities for AML compliance and fraud prevention globally. Powered by our partnership with a fellow Y Combinator company, OpenAI, and their GPT API, the new capabilities arm financial institutions with the best-in-class operational tooling across case management, ops collaboration, merchant monitoring, transaction monitoring, and more.
Here is an overview of the newest capabilities:
- Merchant monitoring and alerting: The GPT-powered merchant monitoring and alerting feature enables Flagright customers to monitor merchants across multiple public sources and social media channels. This helps fincrime teams quickly identify significant changes in their customers’ businesses, such as products sold, number of employees, business industry, and more, which may indicate significant changes in the nature of a business and signal additional AML/fraud risks or opportunities. The capability eliminates 100% of the manual monitoring efforts and drastically improves fincrime operations while ensuring fast response times and maximum risk-mitigation. Flagright merchant monitoring is seamlessly integrated to our rules engine, risk scoring, and case management systems to create real-time alerts and enable investigations seamlessly.
- Salesforce, Zendesk, and Hubspot integrations: Our CRM integrations will help gather and consolidate our customers’ CRM correspondence within the Flagright case management system instead of analysts combing through multiple emails and messages on multiple tabs. With Flagright AI summarizing the highlights of customer correspondence, AML and fraud analysts further streamline the investigative process by eliminating redundant research. As a result, analysts save 15% of their time each day, improving operational efficiency, and accuracy, and yielding much superior customer satisfaction with optimized response and processing times.
- Case and alert narrative generator: Our AI Narrative Writer for alerts and cases drastically improves analyst performance on recurring writing and communication tasks, boasting an impressive 90+% decrease in the time it takes to write a contextual narrative for each suspicious activity. Flagright AI trains and captures an analyst’s writing style, sentiment, user information, closing reason, specific suspicious activity, and more for high-quality outcomes.
- SAR generator: Our Suspicious Activity Report (SAR) generator leverages GPT and can automatically create a SAR for any suspicious activity flagged by our platform's monitoring systems. The generator uses natural language processing (NLP) to extract key details from the flagged activity and creates a comprehensive SAR in seconds. This enables MLROs and BSA officers to focus on reviewing the generated content by saving them 99% of the time they would spend otherwise without Flagright AI. Flagright AI ensures that SARs are generated consistently and accurately, with no details overlooked. In addition, the SAR generator reduces the risk of errors in manual SAR creation and ensures that all SARs are compliant with regulatory requirements.
Flagright AI represents a significant milestone in our journey to empower financial institutions with best-in-class operational tooling for AML compliance and fraud prevention. As our co-founder and CEO, Baran Ozkan, said, "We are thrilled to announce the launch of Flagright AI, a game-changing suite of capabilities that will arm Flagright customers worldwide with the best-in-class AML compliance and fraud prevention capabilities."
At Flagright, we have always been committed to enabling our customers stay ahead of the curve to address their most pressing challenges. With the introduction of Flagright AI, we are taking this commitment to the next level. Our partnership with OpenAI has enabled us to leverage cutting-edge technologies like GPT to deliver a platform that is not only powerful and effective but also easy to use and integrate with existing workflows.
We are excited to see the impact that Flagright AI will have on our customers' businesses, and we look forward to continuing to innovate and evolve with the industry. Contact us to schedule a free demo If you are interested in learning more about Flagright AI. We look forward to hearing from you and working together to build a safer, more secure financial ecosystem for all.