RedCompass Labs unveils payments AI

Banks worldwide are juggling multiple, multi-year, multi-million-dollar modernization projects, such as ISO 20022, SEPA Instant in Europe, and FedNow and RTP in the US. Over nine in ten (91%) banks now consider payments modernization a high priority, but research shows most are struggling to meet demands. Failure to comply can lead to major fines (up to 10% of revenue in the case of SEPA Instant), exclusion from various payment schemes, and a loss of market share.

AnalystAccelerator.ai helps banks address these challenges with the world’s first applied AI tool for payments modernization. It’s built on knowledge from over 300 payment projects for world-leading banks and the most comprehensive library of global payments documentation.

Using AnalystAccelerator.ai, a business analyst can reduce manual work on a typical payment modernization project by up to two-thirds (68%). Regulatory and project documentation updates that used to take weeks can be completed in under a day, saving banks millions of dollars and months of work.

In trials with a tier one bank struggling with the new SEPA Instant Payments Regulations, AnalystAccelerator.ai reduced the time it took to create business requirements from the standard 25 business days to 45 mins with two hours for human review and edits, delivering a 99.5% time saving. This helped the bank to get back on track to meet the regulatory deadlines.

Each business analyst is paired with an AI agent, which taps into the collective brainpower of RedCompass Labs’ 20+ years of experience in payments modernization, which includes regulatory and project specific documentation. The AI-agents learn and adapt in real-time, enhancing productivity while retaining the highest levels of security and privacy. The platform’s key features include:

• Enhanced productivity: AI-agents work 24/7 while the knowledge workers they are assigned to strategise, collaborate, and complete tasks where human expertise is essential.
• Documentation creation: A key – yet laborious – element of payments modernization is capturing, documenting, designing, and testing payment platforms. AnaylstAccelerator.ai can draft and review while humans edit and sign off.
• Tailored AI agents: Each AI agent is dedicated to an individual analyst, learns from interactions, and retains contextual knowledge, ensuring continuity and adaptability for complex tasks.
• Unified collaboration: AnalystAccelerator.ai integrates institutional knowledge with workspace tools and data, such as Jira and Confluence, enabling seamless collaboration among teams to deliver faster, higher-quality outcomes.

Tom Hewson CEO at RedCompass Labs, comments: “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.

“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.

“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 AnalystAcclerator). 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.”