RedCompass unveils AnalystAccelerator.ai for banks

RedCompass Labs has unveiled AnalystAccelerator.ai, a multi-agent AI solution designed specifically to aid banks in speeding up payments transformation.

With recent studies indicating that 52% of organisations are planning to integrate AI agents within the next year, the introduction of AnalystAccelerator.ai seeks to address the growing necessity for banks to adapt to changing payment systems and regulations. Launched by RedCompass Labs, this technological advancement permits the automation of up to 68% of a payments modernisation project, which could offer substantial financial savings for banks.

The demand for modernisation is evident, as banks around the globe manage multiple extensive projects like ISO 20022, SEPA Instant Payments, FedNow, and RTP. Though 91% of banks now see payments modernisation as a priority, many find it challenging to cope with the pressures to meet these demands. The need for compliance is imperative, as non-compliance could result in severe penalties, including fines up to 10% of revenue, exclusion from specific payment schemes, and a decrease in market share.

AnalystAccelerator.ai enhances the capacity of banks to meet these challenges with an AI tool built from expertise gathered over 300 payment projects and backed by a vast library of global payments documentation. It allows the reduction of the time involved in manual processes by up to two-thirds. This was demonstrated in trials with a tier-one bank where the duration to develop business requirements for SEPA Instant Payments Regulations was reduced from 25 days to just 45 minutes with an added two hours for human review and modification, achieving a 99.5% time saving.

Each AI is tailored to an individual business analyst, providing a personalised agent that learns from interactions while maintaining security and privacy standards. It offers continuous adaptation for complex tasks, seamlessly integrating with institutional workspace tools such as Jira and Confluence to foster collaboration and ensure efficient task execution.

Tom Hewson, Chief Executive Officer at RedCompass Labs, remarked, "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."

He added, "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."

Hewson also drew a comparison between general generative AI and applied AI, stating, "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."