Digital Onboarding for Cross Border Payments
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Nonbank financial institutions play a varied and growing role in the financial sector. Whether an industry disrupter or a more traditional provider of services, NBFIs have regulatory obligations to fulfill.
With flexible compliance screening solutions that support straight through processing of payments, you’ll be able to compete in regulated markets and grow your business with confidence.
The RegTech Pulse examines the latest industry and technology trends that help organizations fight financial crime and streamline payments, so money and goods can move safely and securely around the world. Industry experts across the world join the conversation to discuss their insights and share best practices. The RegTech Pulse is brought to you by Accuity, which helps power compliant and assured client transactions to build an interconnected and trusted financial ecosystem.
Time-tested and regulator recognised
Accuity helps you meet your compliance screening requirements with confidence. Built with knowledge shared from the world’s largest financial institutions, our solutions harness the latest technology and data to deliver proven results. With Accuity, you can:
Capitalize on filtering intelligence
For NBFIs with large or complex portfolios, Firco Insight is a feature-rich entity screening and alert management platform. Its advanced filtering intelligence increases the accuracy and relevance of alerts to dramatically reduce false positives.
With fewer low-level alerts to investigate, your compliance team can focus on the most impactful alerts first for more effective risk mitigation. A robust risk methodology supports explainability, making it easier to justify to regulators why certain decisions were made.
Add data points and select from a wide range of sanctions, enforcement data, PEP and other lists in Firco Global WatchList® to enrich the depth of insight. Gain broader visibility into your customers and the risk they pose by screening against more than just the standard HM Treasury, EU, UN and OFAC lists.
Screening tailored to your needs
Speed compliance checks and improve client onboarding and customer experience with Firco Compliance Link. This all-in-one solution screens customer accounts and payments against sanctions, PEPs and other watch lists.
Tailor the solution to meet your operational requirements by choosing from automated or manual screening and real-time or batch screening options. An audit trail of all actions shows regulators when, where and how checks were executed.
NBFIs with lower-volume sanctions and PEP views will benefit from Online Compliance, an easy-to-use lookup tool. Search for individuals and payments against sanctions and PEP lists, and manually review the results against a range of data points.
Screening you can count on
Benefit from automated, efficient transaction screening solutions that accurately identify risk and enable you to remain compliant regardless of the size of your business.
Accuity transaction screening solutions merge the latest technology and data expertise to help you proactively identify sanctions risk. Rather than generate an unwieldly number of alerts that are time consuming to review, Accuity solutions deliver highly relevant, ranked alerts with false positives reduced to single digits. That translates into fast, frictionless processing and a higher level of service for your customers.
Choose the solution that’s right for you
Accuity offers a range of flexible solutions to meet the varying needs and business areas of NBFIs. For organisations with large volumes of payments transactions, Firco Continuity lives up to the challenge. It provides real-time transaction screening that won’t slow you down.
For screening high-volume customer accounts in addition to payments transactions, there’s no better choice than Firco Compliance Link. This all-in-one solution is highly customisable and includes the option of hosted or installed deployment.
For lower volume, but high-value accounts, Online Compliance is an online look-up tool that provides an extra level of due diligence. It lets you manually search components of a transaction against lists of sanctions and politically exposed persons (PEPs).
A solid foundation
Accurate data is the key to accurate results. That’s why NBFIs depend on Firco Global WatchList®, a comprehensive source of sanctions, PEPs and other lists compiled from sanctioning bodies, law enforcement and media from around the world. With lists verified and updated regularly, you can be confident you are working with the latest information available.
Rather than rely exclusively on standard OFAC or EU lists, you can choose from a wide range of alternative lists and enhanced data to better align screening to your organisation’s risk appetite.
Meet regulatory oversight
Compliance with ISO 20022 messaging standards ensures payments transactions flow seamlessly. It speeds processing, reduces risk and lowers costs so that you can remain competitive.
You can also integrate our solutions into your payments systems to benefit from audit capabilities, advanced reporting and operational analytics that provide detailed information for better transparency and explainability to regulators and stakeholders.
Route your clients’ and suppliers’ payments quickly and reliably every time with payment screening technology and reference data you can count on. Accuity solutions and data provide non-bank financial institutions with efficient straight-through processing and compliance without compromise.
Bankers Almanac suite of payments solutions ensure your payments are routed correctly the first time, every time. It offers the broadest choice of payment codes, jurisdictions and institutions to help you minimise failed or returned payments, which delay processing, add cost and compromise your customer service.
Bankers Almanac Validate, a new offering from Accuity, validates beneficiary details, such as IBAN, as your customers type, and then automatically adds additional information to prevent payments from failing. The service is delivered through an API that you can seamlessly integrate into your user-facing payments flow. You can improve straight-through processing rates to deliver faster payments to your customers and build a reputation of service excellence for your company.
Gain full visibility into your payments with Firco Continuity, the leading solution for screening large volumes of transactions against sanctions lists. Choose from a wide range of lists and data points to enrich the depth of insight, or add enhancements for a more targeted approach to screening and better matching. The solution offers advanced reporting, operational analytics and audit trails and is also compliant with ISO 20022 message standards.
Supplement your payments processing with Firco Compliance Link, a scalable customer account and transaction screening solution. It is available as a hosted or installed offering and is suitable for both automated and batch payment screening to meet your company’s operational requirements.
Data-driven risk management
Explore the vast selection of sanctions, politically exposed persons and other watch lists in Firco Global WatchList®. Tailor the lists as needed to align with your company’s risk policies and business requirements and seamlessly integrate your selected lists into Accuity solutions. Lists are updated regularly to ensure they provide accurate information so you can be confident you are identifying potential risk whilst meeting your compliance obligations.
Accuity, a LexisNexis Risk Solutions company and leading provider of financial crime compliance, payments and financial counterparty know your customer solutions, won the 2021 Technoviti Award for technology innovation in financial services for its Firco Compliance Link solution…
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Accuity analyzed the Firco Global WatchList OFAC dataset to reveal three key points demonstrating how the sanctions regime on Venezuela evolved over time. Targeted sanctions can rapidly evolve and have important implications for business risks and screening operations…