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Empowering Banks & Financial Institutions

COMPLIANCE MADE EASY
AML SUITE FOR BANKS & FI's

Proven to ensure compliance and reduce operational
costs by >90%
in US Banks and global Financial Institutions
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Reduce operational costs by >90%
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Reduce alert rates from >30% to <3%
3
Reduce alert processing time from 8 mins to <0.5 min
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Automate all the processes and update lists instanteneously
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Manage all payment rails from one Case Management System
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Improve customer retention with smooth immediate processing
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Support your decisions with transparent & explainable audit trail
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Screen names against all sanction, PEP, and watchlists in Real Time
Proven to enhance AML Compliance in US Banks

"Our [former] vendor required lengthy updates several times weekly and a very high false positive rating. We were incredibly impressed with [Fincom's] behavioral analytics, ease of use and the customer service of its team. ...I am very pleased with Fincom and would recommend it to any financial institution as a more effective way to scan wires for OFAC violations with very few false positives."

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Registered FRB Vendor

Supporting the use of the Fedwire Funds Services with its cutting-edge sanctions screening solution, Fincom is an officially registered FRB vendor

Accurate sanction screening
across all Payment Rails

Wire | SWIFT | RTP | ACH | LC

Accommodates specific requirements of each payment method.
Managed from one centralized Case Management System.

Onboarding KYC/KYB

Sanction & PEP screening

  • Screening names (individual or legal entity) against sanction, internal, PEP, or any other required lists.
  • Name match validation through additional parameters: address, DOB, nationality, country of incorporation, etc.
  • Global address resolution, and more.

Perpetual KYC/KYB

Fully automated pKYC solution. The ongoing monitoring is performed automatically, screening the entire client’s database against the latest version of sanction or PEP lists without disrupting the usual workflow

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Case Management System

Manage sanction screening tasks from one centralized Case Management System

Supports multiple teams’ operations with a built-in permissions hierarchy.

The system supports, among other things: task assignments and allocation, alert management, notifications, dashboard, reports, and more.

All the important information on each case (alert sources, related resources, and other info) is easily accessible from within the system.

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Smart Alert SuppressionMechanism

Further reducing alert rates by ~50%

Smart automation for past approvals management and constant monitoring of historical vs. current data. Reduces the overall false alert rates from the system’s average of ~3% by another ~50% over time.
Fincom’s Alert Suppression mechanism resolves the dangers of the risky practice of whitelisting.

Automated Lists Update

Fincom’s ‘Automatic Synchronization’ feature allows the system to automatically compare the Sanction list copy within the AML Suite against the latest version of required sanction lists. The system is looking for differences between the entries, including changes to the existing entries (delta) and removal or addition of entries, and updates the system’s copy accordingly.

Traceable & Transparent
Audit Trail

for internal & external audit

Supports and explains the decision-making process, providing full easily accessible information and logs on each decision.

Reports

for follow-up, auditing, inspection

Reports include: metrics and query log of each analyst, KPI’s, cases resolved by automation / analyst / status, data sources logs, time stamps, and more.

Fincom's advanced technology for accurate name matching

Fincom offers a robust AML screening solution that utilizes advanced technology for accurate name matching. The solution incorporates a powerful Phonetic-Linguistic engine with a phonetic fingerprint core-technology, enabling real-time verification of data across multiple sources and 44 different languages in original alphabets. It successfully resolves different name transliterations, pronunciations, and spelling mistakes and variations.

Based on the Phonetic Fingerprint Technology, Fincom’s solutions  are specifically designed to provide a high level of effectiveness and precision. The mathematical decision-making mechanism is transparent, traceable, and explainable, aligning with regulatory and operational requirements.

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PHONETIC-LINGUISTIC ENGINE

Based on Phonetic Fingerprint
patented technology

Insights

Blog
June 25, 2024
Financial institutions in general and banks in particular have difficult times verifying their customers’ names as they appear in different...
News
Fincom is proud to be among the leading companies in the Israel’s FinTech Ecosystem, pioneering Sanctions Screening and modernizing banking...
Blog, News
June 11, 2024
The challenge: Confirmation of Payee requires data from external source. Consequently, adherence to the GDPR regulations that protect personal data...
News, Events, Blog
June 9, 2024
On June 4 the annual EBA Seminar was held in Tel Aviv, Israel, for compliance officers and financial institutions senior...

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