Sword FircoSoft, the leading global provider of watchlist filtering solutions, today announced that Software Sistemas e Processos (SSP), their partner in Portugal, has launched an on-demand watchlist filtering service, based on their filtering solution.
Facing ever more stringent regulations on Anti-Money Laundering (AML) and Anti-Terrorist Financing (ATF), and to comply with Know Your Customer procedures, Financial Institutions must ensure they do not do business or even start a business relationship with risky individuals or counterparties. Therefore, filtering their data against sanctions lists or/and Politically Exposed Persons’ (PEPs) lists is a crucial step in AML/ATF compliance.
In order to meet growing customer demand and market trends for hosted services, SSP now offer Financial Institutions and regulated markets Firco Trust On-Demand, Sword FircoSoft’s state-of-the-art watchlist filtering module, in an ASP mode. Firco Trust On-Demand allows “on-demand” filtering to instantly check data against official selected lists.
José Costa, SSP’s CTO & Alliance Manager says: “This new hosted service offering enables Financial Institutions to benefit from accelerated client take-on and account opening processes made in a risk-controlled manner. Sword FircoSoft’s module offers rapid and accurate watchlist filtering. The ASP model we propose is a customizable and cost-effective solution: no installation on the customer’s site is required, therefore, total cost of ownership is reduced.”
Florence Vicentini, Sword FircoSoft’s Alliance Director adds: “SSP has been a trusted partner since 2004, with proven records in Portugal, along with major references. We are confident that Financial Institutions and other regulated markets will strongly benefit from this new service offer from SSP which will ease their being compliant at a reduced cost”.
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