Sumitomo Mitsui Banking Corporation (SMBC) has been working with NTT Data Getronics (NTTDG) to implement Firco Continuity, the market leading payments screening solution from Accuity, to advance its financial crime compliance operations across Asia. Since 2016, the robust sanctions screening solution has strengthened SMBC’s ability to meet international regulatory requirements, by helping the bank to detect the risk of potential sanctions violations.
Firco Continuity has replaced SMBC’s previous solution for filtering SWIFT payment messages on behalf of its branches and subsidiaries across 14 countries in Asia. The integration of Firco Continuity has equipped SMBC with a fully automated screening system that filters transactions in real-time, using the latest sanctions and data sets.
“We are delighted to have replaced our incumbent transaction and screening products with Firco Continuity. The new solution’s false positive reduction capability has driven a greater level of efficiency in our operations. Combined with NTTDG’s implementation expertise, this solution has enhanced our ability to protect our organisation and meet regulatory requirements, without compromising on performance,” said a representative from the Sumitomo Mitsui Banking Corporation (SMBC).
Yanaka Masashi, Executive Vice President & Director, commented “NTTDG has been pleased to work with Accuity to provide SMBC with the best in class transaction filtering solution. Since deploying the highly configurable software, SMBC has been able to practice sanctions compliance with precision, control and efficiency.”
Franck Lanher, Vice President of Partnerships at Accuity said, “Having worked with NTTDG on multiple joint customer projects, we are proud to have partnered once again to enhance SMBC’s payment and screening process. Our combined solution has allowed for increased operational efficiency across SMBC’s branches in the Asia region, with the ultimate aim of reducing the cost of compliance for the bank. SMBC is now able to screen transactions efficiently, ensuring a seamless customer experience, while protecting its reputation.”
For more information, please contact:
Imogen Nash, Accuity
Tel: +44 (0)20 7911 1379
Sharan Nanwani, Cognito
Tel: +44 (0) 20 7426 9400
Notes to editors:
As a subsidiary of NTT DATA, the leading systems integrator in Japan providing payment and settlement infrastructures indispensable to Japanese society, NTT DATA Getronics offers a comprehensive range of business consulting, technical support, application development and systems integration services to financial institutions and corporates, making the most of proven expertise backed with partnership labels of SWIFT Regional Partner, SWIFTReady Service Provider and CLS Registered Plus.
Find out more about NTT DATA Getronics Corporation at https://www.nttdata-getronics.co.jp/en/solutions/financial/
About Sumitomo Mitsui Banking (SMBC)
Sumitomo Mitsui Banking Corporation (SMBC) is one of the world’s leading financial institutions. SMBC was established in April 2001 through the merger of two leading banks: The Sakura Bank, Limited, and The Sumitomo Bank, Limited. Sumitomo Mitsui Financial Group, Inc., was established in December 2002 through a stock transfer as a bank holding company, and SMBC became a wholly owned subsidiary of SMFG. SMBC’s competitive advantages include a strong customer base, the quick implementation of strategies, and an extensive lineup of financial products and services that leverage the expertise of strategic Group companies in specialized areas. SMBC, as a core member of SMFG, works together with other members of the Group to offer customers highly sophisticated, comprehensive financial services.
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, a global 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.
About the Fircosoft portfolio of solutions
As illegal financial activities have increased around the globe, so has the danger to the reputations of payments and compliance professionals. The Fircosoft 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 organisations.
Fircosoft’s pioneering sanctions screening solutions – for transactions, accounts and trade finance – set the standard for the industry. Fircosoft’s innovative software is so powerful, it is deployed by nine of the world’s top ten banks, yet it can be scaled to meet the specific needs of any organisation.