The organisations we serve range from banks and fintechs, to insurance firms, airlines, law firms, gaming companies, and everything in between. This blog looks at the wide variety of industries and regions in which our solution is helping improve financial crime compliance screening across customer accounts, transactions and trade.
I am proud that Firco Compliance Link has been awarded the XCelent Customer Base Award in Celent’s latest report, ‘Solutions for Watchlist Screening: 2018 ABCD Vendor View‘. This recognition gives us even greater confidence that we are meeting our mission to be a trusted partner for a diverse global client base.
Our interaction with clients helps us understand the market needs; their challenges drive our innovation and help us to build solutions that prevent financial crime around the world.
Industry analyst firm Celent recently analysed the vendor marketplace to produce its ABCD vendor view of solutions for watchlist screening. It presented, at a glance, the relative positions of each vendor across four categories:
- Advanced and agile technology
- Breadth of functionality
- Customer base (relative number and distribution of customers)
- Depth of client services
Based on feedback from our clients, Firco Compliance Link came out as the clear leader of the Customer Base category.
“Clients said the two or three best things about the vendor were watchlist management, system configurability and performance, real-time updates, hosting capability … personnel’s expertise and knowledge transfer to the business, vendor access, and innovation.”
This prompted me to reflect on why our solution has been adopted so widely around the world.
Tried and Tested
Clients have deployed Firco Compliance Link to make their financial crime compliance screening more efficient and effective. The following examples demonstrate the reach and versatility of the tool and show how it can be applied to meet unique customer needs. Click to read each client’s story:
- Fast-growing fintech firms have adopted Firco Compliance Link to ensure their innovative platforms meet the required financial crime screening standards. Our customers in this space include DEGIRO, the largest online broker in the Netherlands; Latvian e-money institution Transact Pro, and Chinese payments innovator Skyee.
- Banks and logistics firms conduct trade compliance screening, including State Bank of India and Lufthansa Cargo. They extract data from trade documentation such as letters of credit, bills of lading, and airway bills, to screen the people, businesses, locations, goods and transportation involved in a trade against the latest sanctions and dual-use goods lists.
- Banks in emerging and frontier markets (Banco Postal in Angola, Ping An Bank in Shenzhen, China and Afghanistan International Bank) are using the solution to improve their compliance standards. In some cases, this has helped them to overcome de-risking and form trusted and profitable relationships with correspondent banks in the West.
- Gaming companies, law firms and other Designated Non-Financial Businesses and Professions (DNFBPs), are being pushed to take greater responsibility for understanding who their customers are and whether it is safe or ethical to do business with them. Betway is leading the way in shifting the gaming industry’s compliance culture and has implemented Firco Compliance Link to safeguard its customers and streamline the onboarding process.
- Non-profit organisations, such as United Nations culture agency UNESCO and development and humanitarian organisation Plan International, rely on our system to maintain the confidence of donors. For these clients it is imperative to protect their crucial funding from exposure to regulatory and sanctions breaches, as well as protecting their brands from reputational risk.
The diversity of use cases across each of these sectors showcases the different ways Firco Compliance Link has helped our clients automate screening to prevent illicit financial activity. I am incredibly proud to help drive the development of this solution at Accuity, and grateful that we can have such an impact globally.
To learn more, download Celent’s analysis of Firco Compliance Link from the ‘Solutions for Watchlist Screening: 2018 ABCD Vendor View‘ report.