Firco Continuity 5.9


Over the last 10 years, there has been a significant rise in the level of regulations imposed on financial institutions for transaction screening. Compliance activities in this area are under greater scrutiny than ever before from internal auditors and regulators.

Transaction screening just got more visible

Firco Continuity 5.9 builds on the existing, widely used Firco Filter 5.7 software to deliver a complete solution. It offers banks a granular level of detail and visibility on what is happening within all transactions in their sanctions screening systems, from configuration to decision-making. In addition, it offers improved system control and data integrity enhancements.

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Benefits

Greater transaction visibility provides financial institutions with:

  • Granular level visibility across screening operations, without sacrificing the system’s performance
  • Improved control across the whole system, including greater confidence in data integrity
  • Improved collaboration for accelerated and higher quality decision-making
  • The ability to see, understand and provide evidence of compliance policy enacted – right down to the individual transaction level – to auditors and regulators
  • An easy-to-use system which requires limited IT resource reduces time and costs, and advances an institution’s regulatory readiness

New Features

Improved features that come as standard

Firco Continuity 5.9 offers enhancements on baseline functionality of the current transaction screening system, which offers you powerful benefits that;

  1. Captures all transactions
    In addition to the alerted transactions, the database will also capture the transactions that have not raised any hit and those cleared by rules and exceptions.
  2. Captures the journey of any transactions
    All system and user actions on any transaction, including filtering context applied to them, are captured
  3. Provides Alert Review enhancements
    Enhanced alert review screens provide all details to make an informed decision and facilitate blind mode
  4. Features data model and architecture re-design
    The new data model enables a high volume of data to be captured while protecting performance and can be scaled up to accommodate higher volumes
  5. Uses information captured for standard reports
    Reporting now covers all transactions and the extra data captured on each transaction, including statistics on false positives reduction strategy
  6. Enhanced decision workflow
    Dual validation is enhanced to multi-validation and also allowing for a backup workflow to add a layer of risk control

Additional features for even better visibility and control

In addition to the standard features, Firco Continuity 5.9 also now offers new and enhanced added value options:

Message Auditor

This enables compliance operations to review any transaction with multi criteria search to answer regulators’ or auditors’ requests with an evidentiary level of details and context.

Hit Level Qualification

Using this feature, the alert review team can evaluate each individual hit within a message as being true or false, or escalate for investigation and provide comments to justify the decisions made, which will improve both the speed and quality of their decision making.

Advanced Reporting

Reporting has been enhanced to leverage the new data model and additional information captured to provide visibility on hit rate, and also to evaluate efficiency of false positive reduction strategy in place.

Manual Screening

Firco Continuity 5.9 has improved flexibility to configure additional fields for specific screening requirements, and additional fields are added to ease Trade Compliance screening.

Decision Re-application

Facilitating multi-user workflow to validate the context to be reapplied on incoming transactions. This feature also provides more flexibility to define context, leveraging the additional information captured.

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Want to know more?

The Firco Continuity 5.9 system has been developed in collaboration with banks globally to ensure that it meets their exact needs.

Our professional consultants at Accuity are available to talk to you about your financial institution’s operational requirements and the process of on-boarding, to ensure that the right transaction screening solution is implemented.

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Requirements

Upgrade your Firco Filter to the release 5.7 or beyond, in order to be ready for Firco Continuity 5.9. Latest Firco Filter releases are available on Fircosoft Download Centre.

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Firco Continuity

Find out more about our Firco Continuity real-time transaction screening solution.

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