ComplyTek Introduces Advanced Transaction Screening for Instant Payments

ComplyTek introduces an advanced transaction screening solution for instant payments, designed to ensure compliance and mitigate fraud within the critical 10-second processing window. Leveraging machine learning and AI, the platform offers comprehensive monitoring and fraud detection capabilities. ComplyTek’s advancements in AI have significantly contributed to its recent industry recognition. Having been in operation for just over a year, ComplyTek has been recognized by Chartis Research as the top 50 best AI solution in the global RegTech space.This astonishing achievement underscores the company’s rapid growth and innovation, especially as a bootstrapped enterprise.

Advanced Features and Capabilities

Key features include support for SWIFT, SEPA, and ISO20022 payment formats, device fingerprinting, biometric authentication, real-time monitoring, and AML screening. The solution integrates seamlessly with financial systems, providing real-time alerts, customizable rule engines, and robust data management for effective transaction validation and risk management.

• Pre-Payment Security: Device fingerprinting, biometric authentication, and real-time monitoring to prevent identity fraud and account takeover.
• AML Screening: Sanctions and watchlist screening, transaction pattern analysis for detecting money laundering activities.
• Real-Time Capabilities: Instant alerts, live dashboards for transaction monitoring.
• Flexible Integration: Robust APIs for seamless integration with various payment systems and compliance tools.
• Comprehensive Coverage: Strong support for account-to-account payments, complete coverage for card and card-backed wallets, and strong support for alternative payments including crypto.

AI-Powered Enhancements

ComplyTek employs sophisticated AI technologies to enhance its transaction monitoring solutions significantly:

• Live Execution Monitoring: ScanTek machine learning and statistical algorithms, identifies fraud in real time by suggesting intelligent risk rules and providing transaction fraud scores. It detects anomalies, such as excessive transactions for an entity, by learning from historical and real-time data. The longer the system runs, the more precise it becomes, continuously refining its rules and thresholds to reduce fraud and increase accuracy.
• Client Segmentation: The SegmenTek ML engine autonomously segments clients based on transactional volume and value, industry, personal profiles, and geographical locations. By tailoring machine learning models to specific client groups, it improves the precision of anomaly detection and ensures compliance with regulatory standards for each segment.
• Post-Execution Monitoring: ClienTek ML analyzes and scores client transaction behavior post-execution. By evaluating daily transactional data, it assigns personalized scores and ranks clients based on their behavior, helping financial institutions prioritize risks and identify emerging trends, thereby enhancing the accuracy of risk assessment.
• Transaction Screening: ScreenTek ML integrates name screening, payment component screening, and address screening, using Natural Language Processing (NLP) and Machine Learning (ML). This comprehensive approach identifies risks and anomalies in financial transactions, achieving an 80% reduction in false positives and significantly enhancing operational efficiency.

In addition to advanced transaction screening, ComplyTek offers a comprehensive Customer Lifecycle Management (CLM) solution that extends beyond transaction monitoring to encompass all aspects of compliance management. This holistic approach ensures that organizations can effectively manage customer relationships and regulatory requirements throughout the entire lifecycle.

Faisal I., CEO of ComplyTek, says: “Effective transaction screening and monitoring cannot be separated from the overall risk scoring of customers.  As your customer risk profile changes with each transaction, the only way to stay truly vigilant is through automated reassessments. This protects your customers, your company’s integrity, and society at large.’’

CLM Solution Features:

• Entity Management: Centralized repository for customer entities, supporting complex hierarchical structures and entity relationship mapping. This feature is crucial for understanding ownership structures and ensuring compliance monitoring.
• Document Management: Secure, centralized repository for compliance-related documents, with automated workflows for document approval, review, and distribution.
• Data Integrity: Tools for data mastering, automated data updates, and robust data validation and cleansing to ensure accuracy and consistency across systems.
• Behavioral Analytics: Advanced analytics to analyze customer behavior, identify compliance risks, and provide insights into non-KYC activities using predictive modeling techniques.
• Management Reporting: Real-time dashboards and customizable reports offer comprehensive views of key compliance metrics and risk assessments, with automated report generation and distribution.

Key Benefits:

• Proactive Risk Monitoring: Enhanced efficiency through automation and reduced false positives with advanced algorithms.
• Scalability and Flexibility: The platform’s scalable architecture supports various deployment models, ensuring adaptability to evolving regulatory standards.
• Holistic Compliance Management: Comprehensive coverage for diverse payment methods, including cryptocurrencies, with integration capabilities for third-party data providers.
• Regulatory Compliance: Ensures ongoing compliance with global standards and simplifies regulatory reporting with automated report generation.
• Enhanced Security: Advanced security measures protect sensitive data and ensure all compliance activities are conducted securely.

ComplyTek’s integrated solutions ensure that organizations stay ahead of regulatory demands and financial crime risks. By offering both advanced transaction screening and full customer lifecycle management, ComplyTek provides a comprehensive, scalable, and flexible approach to compliance. Embracing technology that keeps you “up to speed” with the ever-evolving regulatory landscape is essential for maintaining security and operational efficiency. Are you ready for the instant payments regulation?

For more information, visit ComplyTek’s transaction screening page.