Prism: A Case-Based Telex Classifier

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Banks receive a wide variety of telex communications. Bank operators must sort these telexes and route them to the appropriate department for processing. Although certain messages can easily be classified and routed, others require a more thorough understanding of the telex content and bank organization to determine the proper destination. The large number of messages that must be reviewed each day, the urgency of these messages, and the difficulty of maintaining a staff of sufficiently skilled operators all indicate the advantages of automating this task. Thus, Prism is a system that combines case-based and inductive techniques to classify and route bank telexes. Developed by Cognitive Systems, Inc. (CSI), the Prism system has been in continual daily operation at Chase Manhattan Bank’s Letter of Credit Department (Chase L/C) since October 1989 and has been customized for installation at Manufacturer’s Hanover Trust (MHT) and the American Express Bank, Limited (AEBL).