Yes, but not the way you may expect. Much of the analysis takes the form of a rule-based expert system built from both statistical analysis and knowledge engineering. In addition, techniques from computational linguistics are used to identify transactions from descriptions, and the construction of dictionaries for such identification is assisted by a variety of AI techniques.
All the computations are fully explicit. There are no “black boxes” in FormFree’s AI – that is, no computations based on patterns extracted from data without human intervention.