Finastra launches Compliance as a Service to help banks combat financial crime for instant payments
New solution from Finastra combines real-time sanctions screening and AI-powered anti-money laundering transaction monitoring, for the US’ FedNowSM Service and Europe’s TIPS
London, UK – September 14, 2023 – Finastra, a global provider of financial software applications and marketplaces, today announced the launch of its new payment solution, Finastra Compliance as a Service on Microsoft Azure. The service includes Fincom's real-time AML (Anti-Money Laundering) transaction screening and ThetaRay’s AI-powered transaction monitoring as a pre-integrated packaged solution with Finastra Payments To Go. The end-to-end solution, based on technology proven at many of the world’s leading financial institutions, enables US and European banks to streamline and automate compliance processes to effectively deliver instant payments. The service will soon be integrated with Finastra Global PAYplus.
Finastra Compliance as a Service helps banks take advantage of, and comply with, a range of instant payment infrastructures, including the FedNow service in the US and TIPS in Europe, while mitigating the increased risks of financial crime. With real-time compliance screening by Fincom and real-time AI-powered transaction monitoring from ThetaRay, the service will allow financial institutions to accelerate business growth, increase risk coverage and reduce operational costs.
“The introduction of any new payment rail brings new risks, and especially when that rail operates in real-time,” said Mike Vigue, Chief Product Officer, Payments at Finastra. “We are building on the success of Payments To Go for instant payments by providing accurate and efficient compliance capabilities at a reduced total cost of ownership. By pre-integrating Fincom and ThetaRay with our solutions, our customers will reduce the time and risks of launching instant payment services while benefiting from a new level of security, scalability and flexibility. Finastra is committed to helping banks keep pace with customer, industry and regulatory demands through payments innovation, bringing together our ecosystem of partners to deliver a best-of-breed service.”
“By delivering relevant value-added payment risk solutions as a service, we will help banks to improve speed-to-market and ensure our customers stand to benefit from the ongoing evolution in enabling capabilities like AI and Machine Learning,” added Radha Suvarna, Head of BaaS and Value-Added Payment Solutions at Finastra.
Payments To Go is an end-to-end SaaS payment processing solution that enables banks to deliver instant and flexible digital payments faster and more efficiently. Financial institutions can subscribe to the solution through Microsoft Azure Marketplace for convenient billing through one single invoice. Integrated with Finastra’s Financial Messaging Gateway, Payments To Go provides frictionless, more affordable and direct access to the TIPS and FedNow networks, among others. Combined with specialist compliance services from Fincom and ThetaRay, Finastra Compliance as a Service harnesses the power of AI and ML to provide on-the-spot compliance checks for optimal operational efficiency for instant payments.
To learn more, visit Finastra at Sibos booth #C31.
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Finastra is a global provider of financial software applications and marketplaces, and launched the leading open platform for innovation, FusionFabric.cloud, in 2017. It serves institutions of all sizes, providing award-winning solutions and services across Lending, Payments, Treasury & Capital Markets and Retail & Digital Banking for banks to support direct banking relationships and grow through indirect channels, such as embedded finance and Banking as a Service. Its pioneering approach and commitment to open finance and collaboration is why it is trusted by over 8,000 institutions, including 40 of the world’s top 50 banks. For more information, visit finastra.com.
Fincom offers the best AML Screening Solution and RTC platform to date, proven to reduce AML sanction screening operational cost by 90%. The solution is enriched by an intuitive case management system supporting all the banking verticals, e.g., FedNow, RTP, ACH, perpetual KYC, and increasing the compliance regime of financial institutions, ensuring no Missed Hits, and <2.4% alert rate in RTP sanctions screening. Based on Fincom’s patented Phonetic Fingerprint technology that enables matching names even when misspelled, in different formats, and multiple languages/alphabets. For more info, visit fincom.co.
ThetaRay’s AI-powered SONAR transaction monitoring solution, based on “artificial intelligence intuition,” allows banks and fintechs to expand their business opportunities and grow revenues through trusted and reliable cross-border payments. The groundbreaking solution also improves customer satisfaction, reduces compliance costs, and increases risk coverage. Financial organizations that rely on highly heterogeneous and complex ecosystems benefit greatly from ThetaRay’s unmatchable low false positive and high detection rates. For more information, visit thetaray.com.
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