The Institute of Information Systems and Networking (ISIN) at the University of Applied Sciences and Arts of Southern Switzerland (SUPSI) has presented FinVA (Financial Intelligent Virtual Assistant). This is the result of a project funded by Innosuisse, the Swiss Innovation Agency, that sought to develop a system to support financial sector professionals with AML (Anti-Money Laundering) and CFT (Counter Terrorist Financing) processes.
FinVA was developed by SUPSI in conjunction with Cube Finance and QBT, two companies headquartered in the canton of Ticino. Using machine learning algorithms, FinVA analyzes huge volumes of data to detect behavioral patterns and risk situations that are difficult for humans to recognize. The system is intended to assist financial operators in acquiring customers and in their continuous monitoring, in addition to helping them make sense of the constantly shifting legal landscape and ever-changing regulations and guidelines.
“The FinVA system does not replace but rather is something that supports”, explains Michela Papandrea, ISIN Lecturer-Researcher. “Moreover, it is not an automatic decision-making tool, but rather a tool that can typically be integrated into banks’ management systems and that will improve the quality of the financial operator’s work. It is a working colleague, a virtual assistant”, she adds. mm
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