Exchange companies represent a large portion of the financial activity in Jordan which is one of the preferred financial destinations in the Middle East area for foreign funds. With a lot of daily international transactions, these companies are under the same pressure as standard financial organizations by being highly exposed to terrorist financing and Money Laundering. In this context, Future Exchange selected Sword FircoSoft through its partner AEG, to implement Sword FircoSoftâs best-of-breed filtering solution to remain compliant with international regulations.
Firco Continuity for SWIFT Alliance Access (SAA) was the perfect solution to fight against these risks as it filters in real time all international transactions against any watch lists. This filtering solution blocks all potential illegal transactions and warns Future Exchange compliance officers, who can make decisions for each hit through the filtering platform. In order to enhance the filtering performance, Future Exchange also decided to install Firco Multi Laws which enables to apply business logic in the filtering process, while reducing the false positive hit rate and the possibility to miss a true match.
"It was a real pleasure to work with Sword FircoSoft who promptly answered our requirements in terms of filtering transactions. We are highly exposed to illegal transactions but the implementation of Firco Continuity for SAA enables us to remain compliant and protects us against terrorist Financing and Money Laundering", says Mr. Mohammad Habib, General Manager, Future Exchange.
"Future Exchange is our second Jordanian customer in this category, acquired in less than 3 months. This new agreement is the result of our successful partnership with AEG who is very well positioned in this market, and demonstrates that our solutions are not only designed for banks but can fit all different kind of financial institutions. Besides, we are committed to expand Sword FircoSoftâs activity in other marketplaces as we see more and more businesses being challenged with filtering and compliance matters", says Christophe Destephen, Regional Alliance Manager.