Finastra expands payments compliance offering with Fincom.co
By Joy Dumasia
Finastra 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, increasing volume and diversity, lowering operational costs.
The app uses Fincom.co’s ‘phonetic fingerprint’ system enables 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 the 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’, an automated process designed for ongoing verification to keep the system clean and updated, only alerting the company if there is a significant reason.
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 compared with other technologies. It offers real-time transactions, reduces more than 30% false positives, ensures no negatives, and provides significant operational savings.
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.”
Oren Marmur, General Manager, Payments at Finastra, said: “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. 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.”
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