Fisent injects AI into compliance testing

WHAT IS FISENT? 

Fisent, a pioneer in Applied GenAI Process Automation, is revolutionizing how business is performed by utilizing GenAI to power intelligent actions that enable the automation of common enterprise business processes.

OPPORTUNITY FOR INNOVATION

With their thumb on the pulse of the finance sector, Fisent recognized the market need for optimizing processes relating to payment regulations.

Specifically, the testing process for Regulation E compliance at federally regulated US banks was riddled with complexity, involving multiple manual processes, third-party companies, and reliance on human interpretation. This business problem was crying for a streamlined, AI-infused solution. 

DESIGNING THE FUTURE OF COMPLIANCE TESTING

Fisent worked together with Kaufman Rossin, a leading regulatory compliance advisor firm, to ideate on an application that could use the IP and knowledge from the firm’s consumer compliance practice and orchestrate the work involved in Regulation E compliance testing. The end goal? To translate the complexity of the process into an automated workflow turbocharged by Fisent’s proprietary AI solution, BizAI.

Launchpad has enabled us to capture opportunities to rapidly scale our business. This opens new revenue streams that previously were not available to us.

Adrian Murray
Founder and CEO, Fisent

FINDING THE RIGHT TOOL FOR THE JOB

Fisent needed to create a scalable, reusable application that could grow and adapt to the unique needs of each financial institution. As a scalable, workflow-centric SaaS-building platform that enables the reusability of software components, Launchpad offered the perfect solution for building Fisent’s Reg E compliance application. Also, Fisent didn’t have to worry about building the infrastructure to support their app – Launchpad came with ready-to-go multi-tenant, secure cloud architecture. Instead, the company focused on building their IP – fast.

THREE MONTHS TO LIFTOFF

Within three months, Fisent had created Reg E|R.I., a production-ready solution that was fully feature capable. Not long after, the app boasted hundreds of users - scaling expertise, optimizing processes, and saving time for everyone.

Above: Fisent’s Reg E|R.I. application, used for streamlining Regulation E compliance testing

The Reg E|R.I. solution also exemplifies the emerging phenomenon of “service-as-a-software,” a type of “SaaS though the looking glass” that translates traditionally human-centric services into software – enabling service companies to expand their business without sourcing vast teams of professionals.    

Though it may seem that Reg E|R.I. responds to a very small, specialized market need, its story exemplifies the burgeoning demand for niche software. The SaaS market will reach $1 trillion by 2032, and apps that serve niche focuses—such as Reg E|R.I.—will fuel much of this growth. 

Many companies find themselves mired in messy, manual processes, without any hope of escape—simply because it is too costly to build niche-focused digital solutions. The good news is that building SaaS apps has never been easier and more affordable. Launchpad provides the ideal foundation for building B2B solutions that streamline and automate business processes, bringing new efficiencies that will unleash new growth and revolutionize the way we work – one app at a time. 

Want to learn more about Fisent's SaaS journey? Check out Services-as-Software Unlocked (on-demand webinar) and the Launchpad Provider Showcase.