Data extraction and analysis
Optical character recognition (OCR)
OCR is a process that electronically converts text by singling out specific characters from a scan or an image of a paper instrument. The extracted characters are then rebuilt into specified fields within the end system. OCR can be designed to accommodate different formats of text (i.e., handwritten or printed) and adapt to different scripts.
Text analytics and natural language processing (NLP)
Advanced text analytics and NLP are artificial intelligence techniques that can be used to discover relevant information in text and transform it into data. In the context of paper screening, this technique can be used to replace manual paper instrument analysis and extraction procedures (e.g., classifying and selecting names and places from documents).
Screening and alert reviews
Robotic process automation (RPA)
RPA platforms mimic the repetitive, labor-intensive, individual actions and process steps that are made by humans. RPA can be used to automate the online screening process in which an analyst must enter information into relevant fields for screening. In addition, evidence gathering can be automated, using universal matching from internal or external sources for analyst consideration during alert reviews, thereby reducing the time spent on collecting and consolidating research.
Intelligent process automation (IPA)
Post-alert generation, machine learning and IPA solutions can be applied to the alerts based on client, payment and list information and external information to eliminate alerts based on pre-defined rules and disposition history. Automated match resolution techniques can reduce the quantity of false positives that would require further investigation.
Quality assurance and audit trail
Workflow and case management
While workflow and case management solutions are not new, they are not always adequately used to facilitate trade processing, alert management, and quality controls throughout the process. Workflow solutions can be customized to meet specific requirements surrounding supporting evidence, and approvals can be attached to a case to provide an end-to-end audit trail.