Mphasis, (BSE: 526299; NSE: MPHASIS), an Information Technology (IT) solutions provider specializing in cloud and cognitive services, has announced its strategic partnership with WorkFusion, a leading provider of digital workforce solutions for banking and financial services; to power conventional teams with AI-driven Digital Workers in operational domains such as customer service, onboarding, account opening, identity verification, anti-money laundering initiatives, and various compliance tasks involving extensive document processing.
WorkFusion, a 2023 Leader in Everest Group's PEAK Matrix® for IDP, with its AI Digital Worker is revolutionizing compliance operations and solutions in financial services, including Bank Secrecy Act (BSA)/ anti-money laundering (AML) / and Know Your Customer (KYC), enhancing user experiences and boosting operational efficiency. This collaboration aims to revolutionize the way businesses including Banks and Insurance companies implement compliance operations by enabling the quick deployment of AI Digital Worker that enables human-like process execution.
We are excited to partner with WorkFusion to unlock the potential of AI-driven solutions for our clients. The platform will enhance our efficiency and enable broader AI-powered solutions as an extension of our joint offerings to cover transaction monitoring alert investigation and fraud alert disposition. Through a long-term engagement, Mphasis and WorkFusion will build synergies to ensure better integration, implementation, solutions development, and product engineering, and deliver top-of-the-line operations solutions, that will set new standards for customer, employee, and analyst cycle-times and experiences, said Nitin Rakesh, Chief Executive Officer, and Managing Director of Mphasis.
"We were looking for a strategic partner that could help us deliver next-level services at scale, expand the reach of our professional services capabilities, and assist us in expanding our footprint in the financial services market," said Adam Famularo, CEO of WorkFusion. "We found the perfect partner in Mphasis. There are many synergies between our companies, which make this a great alignment. Together, we are a powerful team that will be able to deliver AI to help businesses automate work better and faster."
The Work.AI platform enables the alliance to design, build, test, and deploy intuitive AI Digital Worker from scratch while supporting cloud, on-premises, and hybrid deployments. The partnership reflects the long-term commitment of both Mphasis and WorkFusion to deliver sustainable value and drive industry transformation across AI solutions.
Shares of MphasiS Limited was last trading in BSE at Rs. 2290.75 as compared to the previous close of Rs. 2357.35. The total number of shares traded during the day was 17538 in over 2160 trades.
The stock hit an intraday high of Rs. 2368.25 and intraday low of 2286.25. The net turnover during the day was Rs. 40508002.00.