Major enhancements in transaction screening will help clients be regulator-ready
Accuity, the global financial crime compliance, payments and KYC solutions provider, today announced the launch of its Firco Live Services pilot with global banks.
Accuity has been working on its Live Services capability in collaboration with clients who are looking to improve their compliance agility by solving a number of the screening challenges they face. These include:
- automating compliance operations to improve efficiency and ease pressure on compliance and operational teams
- meeting regulators’ and auditors’ demands for proof that the bank is in control of its transaction screening at a granular level, easily and efficiently
- having visibility, traceability and control across compliance systems
- optimising screening in simulation environments and the ability to commit these changes directly to production in a safe and secure manner
- minimising human intervention to reduce errors and cost
The banks involved in the pilot are all existing clients.
Tom Golding, MD, Risk and Compliance, Accuity, said: “This pilot is the culmination of collaboration with our clients to innovate in compliance screening. Those clients taking part will have early access to our latest screening capability. Having an overview of and insight into compliance systems will help them meet a number of the challenges they face, principally in making their compliance processes more transparent and efficient, both to their internal and external stakeholders. Having access to a simulation environment where they can test their transaction screening and optimise it ahead of going live is an exciting prospect that has the potential to improve productivity and reduce false positive rates.”
Firco Live Services aims to satisfy the needs of compliance and operations teams, and ultimately regulators, by providing visibility and control over financial crime compliance screening operations. It provides a real-time, automated solution that presents the global compliance operations status in business terms so that compliance management can see and show their compliance policy in action at every level – and be ‘regulator ready’. At the same time, Firco Live Services helps clients improve the speed and efficiency of their compliance operations by streamlining existing processes and providing insight into how compliance operations are performing and how they can be more productive.
At the heart of the new Firco Live Services capability is a simulation environment that will allow banks to test their transaction screening and optimise their false positive reduction strategies outside their live environment. Given the need to adjust rules and exceptions every few days as sanctions lists are updated, this is currently a complex and time-consuming process using siloed tools. By providing rapid feedback through an integrated and collaborative process, Live Services will transform this task into one that is easier to manage and will help banks better optimise their configuration, reduce false positives and drive down the cost of compliance.
Tom Golding, MD, Risk and Compliance, Accuity, added: “We are delighted for our Live Services pilot to be actively used and deployed with our forward-looking clients. A side benefit of capturing more data on screening operations is that downstream we can perform more analytics to identify best practice and provide insight back. Our long-term vision for Firco Live Services is that it will provide a platform for greater collaboration between banks in their quest for efficiency gains, standardised process and regulator readiness.”
Accuity will be at Stand #J43 at Sibos 2017. Pease come and see us in person and click here for more information.
Accuity offers a suite of innovative solutions for payments and compliance professionals, from comprehensive data and software that manage risk and compliance, to flexible tools that optimise payments pathways. With deep expertise and industry-leading data-enabled solutions from the Fircosoft, Bankers Almanac and NRS brands, our portfolio delivers protection for individual and organisational reputations.
Part of RELX Group, a world-leading provider of information and analytics for professional and business customers across industries, Accuity has been delivering solutions to banks and businesses worldwide for 180 years.
As illegal financial activities increase around the globe, so has the danger to the reputations of payments and compliance professionals. Fircosoft’s portfolio of innovative data-enabled technology solutions, delivered through a high-touch consultative partnership, helps these professionals manage risk and avoid damage to the good names of individuals and organizations.
Fircosoft’s pioneering sanctions screening – for transaction, account and trade screening - and data solutions set the standard for the industry, and our trade compliance expertise is unmatched. Fircosoft’s innovative software is so powerful, it’s deployed by nine of the world’s top ten banks— yet it can be scaled to meet the specific needs of any organization.