Firco Continuity V5 provides next-generation security capabilities

20 October 2014

Firco Continuity V5 is the next-generation of FircoSoft’s flagship watch list filtering solution designed to ensure compliance and detect and block transactions including listed parties.  Firco Continuity is multi-alphabet ready and can be interfaced to any banking application, operates on all major platforms, and filters any message type including ACH, SWIFT, FEDWIRE, and SEPA.  The solution can filter against any sanctions list (such as EU, OFAC, HMT, and UN), third-party lists (such as BankersAccuity, Dow Jones, World-Check or WorldCompliance) or internal watch lists.

Firco Continuity V5 is FircoSoft’s next-generation watch list filtering solution containing a new back-end architecture, new web-based decision screen as well as new advanced modules. The solution was developed as result of the feedback, ideas and support of our customers looking to improve usability, performance and workflow, and ease the ongoing maintenance of the solution.

Firco Continuity V5, includes new features designed to help customers increase productivity, improve risk controls and lower hit rates, among other benefits and capabilities. With Firco Continuity, customers will be able to streamline processes and process larger volumes of transactions faster, smarter and safer.

These new capabilities, including the new Stripping Detector, is another demonstration of the close work of FircoSoft with its customer community, as it was imagined, designed and validated with clients from both functional and technical perspectives.

Highlights of Firco Continuity V5
The latest version of Firco Continuity includes availability for the following new capabilities and added modules:

Stripping Detector:

The Firco Stripping Detector is designed to protect financial institutions against processing payments that have been purposefully altered and provide you more protection against risk and penalties. The solution identifies resubmitted transactions and blocks ‘stripped’ messages in real time. The solution is an add-on to Firco Continuity, making it very simple to implement, with minimal impact on the filtering process or the performance of your system. Its seamless integration requires no modification to your regular alert review process within Firco Continuity. The positive feedback from an early adopter customer for which we successfully identified a sample of “real” stripped messages, makes us confident financial institutions will see strong benefits in proactively stopping stripped transactions.

Stripping Detector Schematic
How Does it Work? 
When a message is blocked or rejected by the sanctions team, the transaction is stored in the database of blocked transactions with a unique identifier code or fingerprint assigned to each message. 
When a message enters Firco Continuity to be filtered, its fingerprint is calculated. If that fingerprint matches with one of the blocked transactions, the solution will detect a “match” and the transaction will then enter the Firco Continuity workflow for operator review and decision.

Firco BAM:

Firco BAM is a “must-have” for high-performance filtering environments when instant feedback makes all the difference in making or missing a cut-off or effectively controlling critical sanctions processing issues.

Firco BAM, Powered by Systar, a leading provider of business activity monitoring (BAM) solutions to the financial industry provides, provides users with real-time filtering activity dashboards offering instant information on your filtering environment and processes so you can act immediately if bottlenecks and filtering operational issues arise. With Firco BAM, you can manage the risk of missing cut-offs, enhance control of data flows with real-time views of data, and reduce cost and workload by adapting prioritizations. 

The Firco BAM’s main screen is shown below, providing an overview dashboard of all your Firco Continuity processes including technical activity, human activity, filtering activity and cut-off risk for transactions. For more detailed information, dedicated monitoring screens are available for each domain of monitoring, drilling down to the transaction level to facilitate reprioritization based on currency, amount or customer.  

Firco BAM

Pairing Manager:

With the Pairing Manager you can process transactions faster and smarter. The Pairing Manager ensures that messages that compose the same transaction are paired and processed together. The solution, developed in partnership with a major bank, ensures that no part of a transaction is sent while another part is held for alert review (or blocking), for all payment types and platforms.

The Pairing Manager allows you to group messages coming from multiple platforms even if message types are different such as MT103 and SIC B12. You won’t have to recall released messages and you will have to make only one unique decision for a group of messages which is a real time-saver. This robust and flexible module will enable you to customize your rules to create pairing groups providing you with the capability to process high message volume in real time.

Pairing Manager Schematic

Decision Reapplication module

FircoSoft’s Decision Reapplication module will boost the productivity of your compliance team by automatically applying previously made decisions to significantly reduce the number of messages requiring review.

This capability is particularly valuable when filtering domestic recurring payments, and provides the ability to easily control when and how decisions should by reapplied. Utilizing this module, a customer was able to process 20 million transactions in approximately 1 hour, enabling the reduction of 420,000 transactions to be manually addressed daily.

Decision Reapplication Automates 70% of Decisions

 

Advanced Reporting module (mentioned above) - generate custom reports by utilizing a reporting data mart that can be accessed via any reporting tool (e.g. Business Objects, Cognos etc.)

Advanced Workflow module - add multiple levels and decision approval processes with customized statuses, transitions or decision buttons

Workflow Accelerator module – automatically prioritize, route and escalate alerts (for example, routing hits on an embargoed country directly to a compliance- level reviewer) with a configurable workflow router

Web Service Interface:
Applications needing filtering can now access Firco Continuity in a service mode, using Web Service interfaces for improved connectivity, security and integration with other systems. HTTP and secured HTTP (HTTPS) are supported enabling a high flexibility regarding the deployment of the Firco Continuity components in accordance with standard protocols and security policies. Web Services interfaces provide synchronous communications. They can be used as a cost-efficient alternative to the deployment of WebSphere MQSeries middleware.

Alert Review Enhancements:
Reviewing alerts, accessing data and making decision should be easy with access to immediate data to make your job easier. With Firco Continuity V5 we have added multiple features to increase visibility and usability of alert review including unlimited drilldown of alerts, being able to search for specific alerts, and real-time look-up for BICs when reviewing an alert.

Technical Enhancements:

To improve flexibility and speed, Firco Continuity V5 offers new back-end capabilities including multi-routing for improved flexibility and speed, and automatic splitting of large messages to expedite processing.

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