Facctum releases open access platform to combat financial crime
By Gloria Methri
Facctum, a RiskTech company specialising in cloud-based anti-financial crime technology, has launched an open-access search version of its FacctView platform. This technology allows users to search business relationships and determine areas of potential sanctions compliance risk.
FacctView was designed to deliver financial crime risk management tools as a Software-as-a-Service. It leverages high-speed Ab Initio parallel processing technology in combination with a cloud-native product to help detect financial crime risks.
Ab Initio provides Facctum with clustering and matching capabilities based on 12 technology patents – an approach supported by over 40 matching algorithms.
Ab Initio provides transparent, detailed evidence to understand the cause of every potential alert, making compliance decisions easy to explain. Facctum integrates these Ab Initio capabilities into specialised screening solutions that are capable of processing large data volumes in real time to cluster, search, filter, and score potential risks.
With open access, Facctum is making the technology accessible to companies with sanctions risks or compliance obligations. Until today, businesses without the means to access proven risk technologies have relied on the search functions of government websites or finding access to low-cost products. Open access FacctView provides an alternative that is simple to use and delivers effective compliance outcomes.
KK Gupta, Founder, and CEO of Facctum said, “Sanctions compliance can be very challenging for smaller institutions, in terms of operational impact and technology spend. With the open-access release of FacctView, we are providing full access to our core matching technology at no cost. The Facctum team hopes this initiative will lead to more comprehensive, effective, and efficient sanctions compliance and a safer financial system.”
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