According to new research from payments modernisation firm RedCompass Labs, 91 per cent of banks worldwide are juggling multiple, multi-year, multi-million dollar modernisation projects, however, many are struggling to meet modernisation demands. To make this transition easier, RedCompass Labs has launched its AI solution engineered to accelerate payments transformation: AnalystAccelerator.ai.
Payments modernisation is a high priority for banks, with many incorporating new projects like ISO 20022, SEPA Instant, FedNow and RTP. However, as financial service providers struggle to meet the demands of these new payment systems, they risk facing major fines (up to 10 per cent 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.
It’s built on knowledge from over 300 payment projects for banks and a library of global payments documentation. Using AnalystAccelerator.ai, a business analyst can reduce manual work on a typical payment modernisation project by up to two-thirds (68 per cent). 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 a trial, AnalystAccelerator.ai was successfully used to help a tier-one bank struggling with new SEPA Instant Payments Regulations. It reduced the time it took to create business requirements from the standard 25 business days to 45 minutes. It also allowed for two hours for human review and edits, delivering a 99.5 per cent 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 utilises 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.
Key features
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 modernisation 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
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.”
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