Finastra recently introduced OperatorAssist, an AI-driven module that bolsters its payment hub interface to streamline exception handling processes.

This new module aims to reduce human effort in managing payment exceptions and decrease operational costs throughout the payments lifecycle. By integrating advanced artificial intelligence, OperatorAssist automates error analysis, provides repair suggestions, and walks operations personnel through resolution workflows.

Initial feedback suggests that with OperatorAssist’s support, there could be a 20% improvement in overall efficiency. Notably, manual investigation time has been cut by between 20% to 30%, potentially saving each user around 1.5 hours per day.

Addressing Persistent Operational Hurdles

Payment exceptions pose a substantial challenge for financial institutions, as they often require manual intervention after failing straight-through processing. These delays can lead to longer transaction delivery times and higher per-transaction expenses, potentially impacting customer satisfaction.

OperatorAssist is developed on a cloud-native architecture that supports ISO 20022 standards, making it compatible with banks using Finastra’s Global PAYplus and Payments To Go platforms. It serves as an additional layer to enhance the existing payment infrastructure rather than replacing current workflows.

In addition to exception management, OperatorAssist can assist in onboarding new operations staff more efficiently by acting as a reference guide during the training process. It also helps in reducing reliance on manual tracking and reporting tasks in everyday operations.

Celent’s analyst highlights that straight-through processing rates are critical for banks, and complex exception handling can consume significant operational resources, driving up costs and slowing payment delivery times. AI-based productivity tools offer a solution to these underlying inefficiencies.

Finastra, known for its software solutions in retail banking, transaction banking, lending, and treasury management, has been enhancing its payments portfolio as financial institutions face the need to modernize infrastructure in alignment with ISO 20022 migration plans and evolving real-time payment requirements.