The North American financial sector, known for its slow pace of change in the previous century, has been disrupted by technology since the turn of the millennium.
The most recent technological advancement impacting finance is generative artificial intelligence, which is already being applied to the sector in multiple ways.
Based in Vancouver yPilot Launched this year, the British Columbia startup, which is riding the AI wave, is focused on how the technology can improve regulatory and fraud issues in Canada’s financial sector.
ComplyPilot, the company’s flagship application, uses a proprietary intelligence engine to process more than 300,000 pages of regulatory documentation to automate policy management, compliance training and regulatory reporting.
yPilot also promises solutions that “enable financial institutions to mitigate fraud before it happens.”
“At yPilot, our mission is to enable financial institutions to simplify compliance, combat fraud, and delight customers by delivering next-generation AI-driven software solutions,” reads the company’s mission statement. “We are creating the future of financial services one intelligent application at a time.”
The startup was founded earlier this year by Todd Winship and Rayce Rossum.
Winship, CEO, has more than two decades of experience in entrepreneurship and finance, including at Temenos as global head of data and analytics products after the Swiss banking company acquired his last startup, business intelligence and analytics solutions company Primisyn, in 2011.
Rossum, CTO of yPilot, is an experienced AI software engineer, having served as a Senior AI Engineer at Temenos. He holds a Bachelor of Science in Computer Science from the University of Calgary and a Master of Data Science from the University of British Columbia.
According to Winship and Rossum, yPilot’s fintech applications reduce costs, improve efficiency and reduce risk. A simpler path to compliance allows financial institutions to focus on growth, the two partners say.
The company is one of 10 finalists in this year’s New Ventures BC competitionNow in its 24th year, the annual competition highlighting technological innovation across the province will culminate later this month with an in-person event at the Stanley Park Pavilion.