Flagright, a fintech and neobank focused on providing AML compliance and fraud prevention, recently announced the launch of their new AI suite: Flagright AI, in collaboration with OpenAI. This AI suite is designed to help FinTechs and neobanks with operational tooling in case management, ops collaboration, merchant monitoring, transaction monitoring, and more for anti-money laundering and fraud prevention.
Flagright claims that their GPT-powered merchant monitoring and alerting feature allows customers to monitor merchants from multiple public sources, and social media channels to detect significant changes in their customers’ business, such as the products sold, number of employees, business industry, etc., which may indicate a risk of money laundering or fraud. This can improve the fincrime operation, response time, and risk mitigation without any manual effort. In addition, Flagright AI is able to summarize customer correspondence, hence AML & fraud analysts can streamline the investigative process by eliminating redundant research. As a result, this reduces the daily manual work, improving operational efficiency and accuracy while providing superior customer satisfaction due to optimized response and processing times.
On top of that, Flagright AI also has an AI Narrative Writer feature for alerts and cases, which can drastically reduce the time analysts spend writing and communication tasks.
Finally, Flagright’s SAR generator is powered by GPT and can create a SAR for any suspicious activity in just seconds. This autogeneration is designed to save the MLROs and BSA officers time while they primarily focus on verifying the generated results.
Flagright’s CEO and Co-founder, Baran Ozkan, commented on the launch of the AI suite. He said that this innovation is a significant leap for the financial industry, as it enables their customers to keep up with the best-in-class operational tooling for AML compliance and fraud prevention. He added that they plan to keep investing in cutting-edge technologies like AI and machine learning to remain at the forefront of the financial industry and deliver the most comprehensive and effective solutions available.
Flagright recently expanded to the US market to further strengthen their position as a provider of no-code centralised AML compliance and fraud prevention solutions. This is a major milestone for the company.
Overall, this new AI suite is revolutionary for the FinTech industry, as it is the most advanced AI-based technology available for AML compliance and fraud prevention. It is sure to drive innovation and progress in this ever-evolving industry.
