Finastra has teamed up with financial crime specialists Fincom and ThetaRay to offer pre-packaged compliance screening for banks delivering instant payments.
Available via Mircosoft Azure, the new Compliance-as-a-Service package combines real-time sanctions screening and AI-powered anti-money laundering transaction monitoring, for the US’ FedNow Service and Europe’s TIPS
The service integrates Fincom's real-time AML transaction screening and ThetaRay’s AI-powered transaction monitoring with Finastra's Payments To Go package for instant payments.
“The introduction of any new payment rail brings new risks, and especially when that rail operates in real-time,” says Mike Vigue, chief product officer, [ayments at Finastra. “We are building on the success of Payments To Go for instant payments by providing accurate and efficient compliance capabilities at a reduced total cost of ownership. By pre-integrating Fincom and ThetaRay with our solutions, our customers will reduce the time and risks of launching instant payment services while benefiting from a new level of security, scalability and flexibility."
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- Source: https://www.finextra.com/newsarticle/42943/finastra-offers-compliance-as-a-service-package-for-instant-payments?utm_medium=rssfinextra&utm_source=finextrafeed
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