The new Repair Recommendations capability is now available within Finastra’s AI OperatorAssist, a cloud-native, generative AI-powered solution designed to streamline payment operations, according to the release.
Repair Recommendations identifies payment discrepancies, analyzes underlying causes and provides recommendations to ensure accurate and compliant corrections. The recommendations are designed to assist human decision-making, and the actions are subject to review and approval, the release said.
By offering these recommendations, Repair Recommendations reduces the time and effort required to manage and resolve payment exceptions; delivers more consistent exception handling, reduced error rates and increased operational capacity; decreases dependence on specialized expertise; and accelerates onboarding for new staff, per the release.
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“As payment volumes increase, AI can help deliver immediate value by accelerating repairs, streamlining onboarding and strengthening resilience,” Barry Rodrigues, executive vice president, payments, at Finastra, said in the release. “We’re helping banks to scale their operations and deliver faster, more reliable services to their customers.”
The modernization cycle in payments is accelerating, and systems that were refreshed once every decade are now expected to evolve continuously as new rails, messaging standards, fraud controls and customer expectations emerge in parallel, Mihail Duta, director, global solutions consultant, payments, at Finastra, told PYMNTS in an interview posted in May.
Modern payment hubs that orchestrate multiple rails from a single system allow banks to intelligently route payments based on cost, speed or urgency, Duta said.
“That’s the business model banks are looking for,” Duta said. “What flexibility can your system offer me so I can in turn offer it to my customers? Customers don’t necessarily know [the electronic payment networks behind the scenes.] They know they want the payment to go fast, or cheap, or high priority.”
Rodrigues told PYMNTS in an interview posted in May that AI and modern development tools now allow banks to rethink entire software cycles, not just accelerate existing ones.
“If you do it incrementally, bit by bit, what you’re doing is effectively just building a faster car as opposed to a spaceship,” Rodrigues said.
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