Finance / Banking
BNY: Payment instruction repair and client transaction inquiry handling
- Company
- BNY
- Country
- United States
- Adoption stage
- In operation
- Source published
- Date basis
- The date the source was published. It can differ from the date adoption started.
- How the source was checked
- Read the full source text
The work problem
According to a Microsoft customer story, BNY, founded in 1784 and one of the oldest banks in America, oversees approximately $60 trillion on behalf of clients across 100 markets. The same story explained that when a payment moves from one point to another, instructions in the middle are sometimes missing or incomplete, and fixing them required a time-consuming review. It also said that client inquiries arising from transactions used to involve a human employee and potentially multiple stakeholders to resolve a single question.
Technology and data
The Microsoft customer story explained that BNY set up an AI Hub in 2023 and built an in-house AI platform called Eliza. According to the same story, Eliza was designed to be multi-agentic and model-agnostic on Microsoft Azure and Microsoft Foundry, and employees also use Microsoft 365 Copilot and GitHub Copilot through Eliza. CIO Leigh-Ann Russell said Eliza has digital employees who work semi-autonomously across very complex processes. Jordan Romanoff, a senior director in BNY's legal function, explained that the bank developed a solution that repairs missing or incomplete payment instructions so the payment can proceed without a time-consuming review. Saed Shonnar, Head of AI Enablement, said Eliza is also used for client transaction inquiries, with AI resolving inquiries or assisting staff. According to the same story, the Eliza platform now includes more than 300 solutions and all employees have been trained to use it.
Results
According to the Microsoft customer story, Romanoff said the digital employee now handles over ten percent of BNY's payment repair issues around the world and has sped up the bank's ability to send payments globally. Shonnar said more than 10% of client transaction inquiries were resolved or assisted by AI, resulting in 80% faster processing of those inquiries. According to the same story, BNY plans to add Work IQ and Microsoft 365 Copilot Cowork next.
Limits and open questions
The story does not give the baseline or measurement period for the 80% faster inquiry processing, and it describes the digital employee's share differently, as 10% of payment validations in the summary and over ten percent of payment repair issues in the main text. It does not disclose at which stage people check the payment instructions that the digital employee repairs.
Sources
- Frontier Firm BNY resolves client inquires 80% faster with Microsoft AI powered Elizamicrosoft.com, Accessed
Compiled from public sources. These are not results from ATF Works customers.