BCV decided to replace its filtering solution with Firco Continuity to ensure compliance with embargoes and sanctions regulations imposed by local and international bodies, and improve money laundering and terrorist financing controls.
âWe needed a powerful solution enabling us to filter different payment messages including SWIFT, SIC, EuroSIC and PostFinance messages in different banking applications such as Arkelisâ AMH, and FircoSoftâs solution was the perfect matchâ says Mr ValÃ©ry-John Racine, Vice-President,BCV. âWith this robust, easy-to-use, and market-leading solution we will be able to improve our filtering performance and controls to ensure compliance, and eliminate the risk of any sanctions violation.â
With the implementation of Firco Continuity, BCV will be able to filter all payments against any sanctions list and benefit from new solution enhancements including:
â¢ An enhanced web interface to enable compliance officers to make decisions in a more efficient way with an optimized decision process;
â¢ The ability to customize screens according to the userâs preferences and business needs; and
â¢ Generating reports easily, and tracking changes and updates through a new audit capability.
Firco Continuity will further support the compliance processes and controls with enhanced scalability and flexibility that enables BCV to adapt to ever changing regulatory conditions. With Firco Continuity, BCV will screen even larger volumes of transactions, whatever the message format, whilst leveraging additional fine-tuning capabilities.
âWe are very proud to welcome BCV among our Swiss customers which demonstrates our sustained growth in the region. The opening of our new FircoSoft office in Switzerland in the next few months will definitely help our development while enabling us to better serve BCV and our existing customers in the region, and provide more resources to address the formidable compliance risk posed by new sanctions regulationsâ says Luc Querton, Business Unit Director FIP Sales & Services, FircoSoft.