Finastra, in collaboration with financial crime experts Fincom and ThetaRay, is now offering a streamlined compliance screening solution for banks facilitating instant payments. This Compliance-as-a-Service package, accessible through Microsoft Azure, combines real-time sanctions screening and AI-driven anti-money laundering transaction monitoring. It’s designed for use with the US’ FedNow Service and Europe’s TIPS.
This service integrates Fincom’s real-time AML transaction screening and ThetaRay’s AI-powered transaction monitoring into Finastra’s Payments To Go package for instant payments. According to Mike Vigue, Chief Product Officer for Payments at Finastra, the introduction of new payment systems, especially those operating in real-time, introduces new risks. By integrating Fincom and ThetaRay into their solutions, Finastra aims to provide their customers with accurate and efficient compliance capabilities while reducing the time, risks, and costs associated with launching instant payment services, all while enhancing security, scalability, and flexibility.
By FCCT Editorial Team
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