Facctum releases open API for FacctView

By Gloria Methri

RiskTech company Facctum, which specialises in cloud-based risk decisioning has launched an open API for FacctView, its AML screening platform. The API will give institutions access to compliance controls that can be integrated into their AML crime frameworks.

FacctView was developed in response to the operational challenges caused by ageing sanctions and AML technology stacks. Facctum says traditional on-premises screening software struggle to keep pace with changing regulatory environments.

FacctView’s technology infrastructure aims to provide fast and effective screening that delivers improved risk detection and operation efficiencies. FacctView combines data analytics technology with high-performance name-matching and risk-decisioning capabilities. This delivers a quick response to the risk that is scalable and explainable, with improved speed-to-compliance.

The approach is cloud-first, with a focus on enabling the integration of Facctum solutions into an institution’s preferred technology stacks. Having established FacctView as a SaaS solution, the API launch helps customers, RiskTech vendors, and payments platforms better integrate the technology into their workflows. It also expands the range of cloud-enabled solutions for financial crime risk management.

KK Gupta, founder and CEO of Facctum, said, “Countering financial crime risks has never been more important. However, the challenges of managing these risks effectively and efficiently have become exponentially more difficult. Rapidly evolving risks, new regulatory obligations, and the high velocity of change are pushing traditional sanctions and AML tools to the limits. A new approach is needed, one that lowers risks and delivers operational efficiencies. Today’s open API launch for Facctview is intended to provide rapid, flexible, and cost-free access to enterprise-grade technology with a proven pedigree in risk detection.”