Facctum Launches Innovative Real-time Ready Payments Screening Technology for More Effective Financial Crime Compliance
Facctum announces today the release of a new payments screening technology, FacctShield™, to coincide with its début at Money 20/20 Europe, the continent’s largest event focused on payments innovation. As the global payments community gathers in Amsterdam to discuss the future of money, Facctum shows a new approach to deploying cutting-edge technology to address the challenges of financial crime risk.
Achieving efficient and effective financial crime compliance (FCC) in payments has become more challenging as sanctions, terrorism-financing and money laundering risks evolve, and regulatory velocity increases. At the same time, payment technology, customer expectations and industry standards continue to change rapidly. However, keeping risk detection technology relevant to financial crime risks whilst also improving operational performance and reducing customer friction, has become more difficult, especially if using traditional technology.
In response to these challenges, FacctShield combines Facctum parallel processing technology with its cloud-native risk detection technology. This approach delivers low-latency payment screening and infinite scalability that is ready for true real-time risk detection. The pairing of these technologies also provides payments industry operators with the compliance and operational agility to respond quickly and effectively to high-frequency, high-impact regulatory obligations. FacctShield uses patented risk-matching technology that gives industry high levels of efficiency, resulting in strong detection performance, while minimising missed payment cut-offs and customer friction.
Beyond the innovations in its core technology stack, FacctShield introduces new features designed for the specialised operational needs of the payments industry. From design, the solution offers ISO 20022 support to enable customers to migrate seamlessly to the latest standard in payments infrastructure. This approach gives FacctShield the ability to provide screening strategies that leverage all the data and meta-data supported by ISO 20022. The solution also supports SWIFT MT and MX payments formats, to assist the migration to the new standard. FacctShield also enables customers to set selective search configurations for more precise risk detection.
KK Gupta, CEO of Facctum, comments:
“Real-time payments have been a boon for customers, enabling a new speed for transactions that allows for greater control over their payments. However, for those managing financial crime compliance, it has posed a challenge, forcing ageing compliance technologies to try to keep up. Often traditional technologies have struggled to strike the balance between compliance efficiency and customer satisfaction. With payments moving faster than ever, it’s time to bring compliance technology into a new era, moving risk detection into real-time.
“We created FacctShield to bring a new speed to payments screening technologies. This solution can not only leverage new technology to enable a more efficient process, but it is also built with ISO 20022 in mind, adding even more speed to compliance when screening. The world of payments is changing, and with FacctShield, you’ll be able to keep up.”
FacctShield is available as a stand-alone cloud solution, for real-time or batch screening, supported by open standard APIs. It is fully operative with Facctum FCC applications, including FacctList watchlist management.
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