Firco Continuity is a high volume, high-speed solution to real-time transaction screening.
Here’s the process it follows:
- The powerful filtering engine works in milliseconds to compare a transaction against the sanction and blocked parties’ lists. If it identifies there’s any need for further investigation, it’s shown as an alerted message.
- An alerted message can be raised when a transaction contains a name, country, company vessel or bank detail that matches the lists that the bank are screening against.
- The system compares every word of the transaction against a file consolidating all of your bank’s lists. How? By using a combination of Artificial Intelligence, fuzzy logic and up to 42 possible algorithms chosen by you.
- The system employs your bank’s risk scoring, business rules and exceptions to allow reduction of false positives.
- When alerted messages are identified, they’re halted until your staff can review the specific transactions.
- Automated clearing is done through effective hit reduction strategies and with the addition of Firco Decision Reapplication solution.
