FontCreator: Automatic transformation?

I’ve noticed an automatic transformation in Word: when I type :slight_smile: this changes automatically into a symbol (the smile emoticon).
Is it possible with Font Creator to make a font which automatically change for example ij into y?
Or is this something that only works in Word?

Automatic glyph substitutions can be added to fonts using Microsoft’s free VOLT application. FontCreator doesn’t yet support OpenType ligatures.

Ligatures may also be used for combinations like:

f + i = fi
f + l = fl etc.