As companies manage financial transactions including loan closings, invoice payments, transfers, and ad-hoc wires, they are continually looking for ways to bring efficiency to the process. To help them do so, BNY Mellon developed an innovative artificial intelligence-based solution to bring greater speed and efficiency to the 110,000-plus transactions that we facilitate for clients every month.
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Until recently, client service managers manually entered multiple types of payment instructions into a workflow application. The instructions would then pass through several steps and applications for verification, review, authentication, and approval before instructing the final money movement via manual data entry.
To transform this routine, BNY Mellon’s global team of machine learning and AI experts designed and delivered on the vision of a fast, scalable solution to process payment transactions. Over the last eight months, more than US$9 trillion in payments has been processed on the new platform.
Using advanced machine-learning techniques, the platform extracts and standardizes data items such as payment amount, beneficiary, and account details to allow for a more seamless, automated wire-payments process. Clients receive the payments to review and authenticate through BNY Mellon’s proprietary Digital Authentication tool. After final review and approval by BNY Mellon, the platform generates a SWIFT instruction to affect the money movement. And all of this is done accurately and in a fraction of the time that was previously required to process these instructions manually.
This AI-enabled solution is part of a broader digital capability under development at BNY Mellon. Our vision is to use AI and machine learning to increase automation and uncover insights to power data-driven decisions, generating value for our clients.
The capabilities and assets developed for automating payments will drive similar automations across BNY Mellon – from processing terms and conditions for bond issuance to automatically handling client instructions. AI is delivering real value as we embed this capability in our businesses and transform the way we service clients.