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SIBOS 2020: Bottomline partners with Dow Jones to boost fight against financial crime

By Megha Bhattacharya

October 05, 2020

  • Bottomline
  • Dow Jones
  • USA
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Bottomline FinTech Bottomline today announced a partnership with Dow Jones Risk & Compliance, as SIBOS 2020 gets underway. The collaboration is expected to add key data to the FinTech’s Anti-Money Laundering and Counter-Terrorist Financing monitoring and screening capabilities, thus helping it to identify and stop illicit transactions.

“Our partnership with Dow Jones benefits customers by protecting their payments across the entire lifecycle,” said James Richardson, Head of Market Development Risk & Compliance at Bottomline. “The Dow Jones data feeds for UK, Europe and the Asia Pacific, combined with Bottomline’s compliance solutions, will help to identify and mitigate payments to sanctioned entities, known money launderers and the risk of fraud and financial crime.”

Dow Jones’s risk data, including politically exposed persons (PEPs), sanctions lists and adverse media entities for the UK, Europe and the Asia Pacific, will be implemented within Bottomline’s cyber fraud and risk management platform. The company’s data inclusion can also help banks and corporates to avoid incurring regulatory fines and reputational damage that often accompany fraud incidents by enabling them to identify suspicious transactions and stop payments fast.

“As criminals find more sophisticated methods to conceal illicit funds, access to quality, reliable and timely data has never been more important in the fight against financial crime,” said Guy Harrison, General Manager of Dow Jones Risk & Compliance. “This partnership with Bottomline will enable businesses to better identify suspicious activity that may be linked to money laundering or terrorist financing – helping combat one of the most pressing issues of our time, as we seek to build a safer global financial ecosystem.”

Recently, Bottomline announced that Anglian Water has selected the former’s Payments and Cash Management solution for automating and streamlining processes around the world. Anglian Water aims to boost the digital transformation strategy for its treasury department. It is also expected to improve efficiencies, gain cash visibility and reduce costs.

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