Truist, the nation’s sixth-largest bank, has purchased UiPath’s automation technology solution.
The bank is currently shifting over to UiPath from Pegasystems. It is unclear when the transition to UiPath will be complete.
Kenneth Meyer, Truist’s chief innovation officer for digital channels and innovation, said Monday at the Banking Automation Summit, presented by Bank Innovation, that Truist chose the solution because of the advanced cognitive capabilities embedded within the UiPath platform.
Those features “will ultimately help us really accelerate,” Meyer said.
UiPath designs and develops robotic process automation software. The UiPath Enterprise RPA platform offers an automation design tool and supports on-premises and automated cloud deployment. The company said its platform supports both attended and unattended robots.
“If we were to go off and try to build all of those cognitive capabilities ourselves, it probably take us much, much longer,” Meyer said. “And we’re certainly bigger than we were before pre-merger, but we’re still not quite the size where we could have, you know, hundreds of people off developing native cognitive capabilities everywhere.”
Truist is the result of the merger between SunTrust Banks and BB&T Inc. in December.
UiPath, founded in 2005 and based in New York, has raised $1.2 billion of venture funding to date, including $225 million in a series E round in July.
According to Meyer, UiPath’s platform “can bring together a lot of different pieces and parts of your toolkit that you need to orchestrate some really nice automation across a number of different technologies at the bank.”