Financial crime prevention service provider Swift has increased its portfolio with the acquisition of Omnicision, in a bid to boost its compliance solutions for businesses.
The move underlines Swift's commitment to invest in its compliance offering and will enable the firm to grow its sanctions testing service, leveraging Omnicision's technology, expertise and product pipeline.
The acquisition will also strengthen Swift's compliance services unit by adding financial crime prevention experts with specialist knowledge in areas such as sanctions, AML and Know Your Customer (KYC).
Gottfried Leibbrandt, chief executive of Swift, said: "Omnicision has developed a great sanctions testing product which will enhance our compliance solutions range. The combination of Omnicision's valuable expertise with Swift's world-class security, reliability and operational excellence will enable us to further boost our growth in the compliance area."
Omnicision's chief executive Ian Horobin said the firm is excited to join Swift at an important stage in the development of its financial crime compliance services and solutions.
He added that Swift's unique position within the financial services community and industry will enable further innovations within the financial crime compliance arena and help to deliver tangible benefits to Swift users worldwide.
The acquisition will help to build Swift's recently created compliance services unit and aid in the management of its growing compliance services.
Yawar Shah, chairman of Swift, said: "The industry is counting on Swift to provide innovative solutions in the financial crime compliance area. The Omnicision acquisition marks another key milestone in the expansion of Swift's compliance services strategy, and demonstrates our commitment to making the necessary investment to address the community's needs in this critical area."
Swift has been making a number of inroads in the compliance arena, outlining plans for a global KYC Registry, which would provide a centralised utility for the collection and distribution of standard information required by banks as part of their due diligence processes.
A number of major financial institutions, such as Bank of America, Merrill Lynch, JPMorgan and Standard Chartered have all committed to work with Swift to build the service in the coming months and years.