AML app now live for banks to tap into on Finastra’s FusionStore
Dubai, United Arab Emirates: Finastra today announced the introduction of new anti-money laundering (AML) compliance capabilities integrated with its Fusion Global PAYplus core payments solution, via Fincom.co and the FusionFabric.cloud open developer platform. Banks can tap into the Fincom.co AML screening app to access real-time compliance screening functions in line with regulatory requirements, which only continue to increase in volume and diversity, lowering operational costs.
Gideon Drori, CEO at Fincom.co said, “Compliance screening is becoming harder for all financial services businesses to comply with, and banks can incur penalties if unregulated or unlawful transfers are made. In making our solution available to Finastra customers we are bringing intuitive compliance capabilities to a wider audience and are enabling them to do away with legacy solutions, reducing false-positive or false-negative rates.”
The app uses Fincom.co’s ‘phonetic fingerprint’ system to enable searches and match entries across numerous databases in different languages, reducing the cost of implementation at the bank and enabling rapid time to market. This collaboration brings flexibility of choice for clients, faster time-to-value, and operational savings, made possible due to the reduction in false positives. The solution also provides an ongoing ‘Persistence Mechanism’ which is an automated process designed for ongoing verification to keep the system clean and updated, only alerting the company if there is a significant reason to do so.
Based on an advanced mathematical algorithm, the phonetic fingerprint will act as a unique identifier and irreversible code, resulting in great accuracy and minimal false-positive results when compared with other technologies. It offers real-time transactions, reduces more than 30% of false positives, ensures there are no false negatives and provides significant operational savings.
“Today’s announcement is testament to our commitment to helping financial institutions rapidly identify and adopt innovative technologies that complement their core software, via our open developer platform; In this case, helping organizations with compliance to better streamline the payments process,” said Oren Marmur, General Manager, Payments at Finastra. “This collaboration expands our service offerings, providing Finastra’s Fusion Global PAYplus client’s ready access to proven and highly effective AML and compliance screening solutions, out of the box.”
Finastra is building an open platform that accelerates collaboration and innovation in financial services, creating better experiences for people, businesses and communities. Supported by the broadest and deepest portfolio of financial services software, Finastra delivers this vitally important technology to financial institutions of all sizes across the globe, including 90 of the world’s top 100 banks. Our open architecture approach brings together a number of partners and innovators. Together we are leading the way in which applications are written, deployed and consumed in financial services to evolve with the changing needs of customers.