Accuity’s Fircosoft suite of regulatory compliance screening solutions now work on Corda – R3’s distributed ledger platform for financial services
Accuity, the leading provider of financial crime compliance, payments and know-your-customer (KYC) solutions, announced today that it has successfully integrated its financial crime screening solutions with Corda – R3’s financial grade distributed ledger technology (DLT) platform.
Accuity’s innovation team, working closely with R3, has developed a solution that enables financial crime screening of customers and transactions on Corda. For financial institutions, this would facilitate financial crime compliance with regulatory requirements of programs such as the EU Fourth Anti Money Laundering Directive, the USA PATRIOT Act, the US Treasury’s Office of Foreign Assets Control (OFAC) and the MAS Notice 626.
Hugh Jones, President and CEO at Accuity, said: “We believe Distributed Ledger Technology (DLT), inspired by the breakthrough blockchain concepts, has the potential to disrupt how financial services are offered and transacted. Enabling regulatory compliance is absolutely essential for this new technology to progress from proof of concept to production systems.”
“We are now looking at working with our customers to pilot this solution for a number of other use cases such as KYC, payments and trade finance compliance,” he added.
Todd McDonald, Co-Founder and Head of Partnerships, R3, added: “R3 has developed Corda to enable a safe and efficient distributed ecosystem for financial services to guarantee a consistent, accurate, auditable, reportable record. KYC/AML Compliance is a key regulatory requirement for financial transactions. Accuity is the known market leader in the area of financial crime compliance screening. We look forward to leveraging our combined expertise to address solutions in this space for the global financial services industry with innovative distributed ledger-based technology.”
Accuity’s Fircosoft suite of data-enabled technology solutions, delivered through a high-touch consultative partnership, provides the versatile resources that help control risk, increase efficiencies, meet regulatory demands, and avoid damage to the good names of individuals and their firms.
For more information, please contact:
Prisita Menon, Cognito
Tel: +65 6213 7310
Heather Smith, Accuity
Tel: +44 7342 069 456
Nick Warren/Nick Murray-Leslie
Tel: +44 (0)207 440 9780
Tel: +1 929 329 1550
Notes to editors
R3 is an enterprise software firm working with over 100 banks, financial institutions, regulators, trade associations, professional services firms and technology companies to develop Corda, its distributed ledger platform designed specifically for businesses. R3’s global team of over 140 professionals in nine countries is supported by over 2,000 technology, financial, and legal experts drawn from its global member base. R3 recently announced the successful completion of the first 2 of 3 tranches in a Series A fundraise valued at USD 107 million.
Corda is the outcome of over two years of intense research and development by R3 and its members and meets the highest standards of the banking industry, yet is applicable to any commercial scenario. It records, manages and executes institutions’ financial agreements in perfect synchrony with their peers, creating a world of frictionless commerce.
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 optimize 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 organizational 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.