Sanctions Screening Solution for ACH Payments
ACH OFAC Checks
ACH transactions frequently involve high volumes and multiple entries, and traditional OFAC screening methods often generate a high number of false positives, making it difficult to screen each transaction, increasing workload and payment processing time, and leading to operational inefficiencies.
Fincom’s advanced screening solution addresses these challenges, enabling financial institutions to overcome the operational burdens and lengthy manual processes of ACH transactions’ OFAC checks. Fincom’s solution delivers unmatched accuracy and speed by screening large ACH files in minutes, leveraging sophisticated alert suppression mechanisms to significantly reduce the number of alerts and cut alert rates from 30-50% to below 0.5%.
Reduce Fraud Risks with Instant
Automated Account Validation
Fincom’s advanced Verification of Payee (VoP) solution empowers financial institutions to detect and prevent fraudulent activities, such as APP fraud, in ACH transactions, ensuring payments are not processed to invalid or unauthorized accounts in accordance with NACHA’s recent Risk Management rules.
Fincom's Intuitive Case Manager
Fincom’s intuitive case manager accelerates the investigation time of ACH transactions’ alerted lines with full transparency, explainability, and traceability, providing a clear audit trail for the OFAC screening decision-making process.
Accuracy and Efficiency
Fincom’s Sanctions/OFAC screening platform is powered by its distinctive Phonetic-Linguistic and Entity Resolution engines, leveraging advanced algorithms in phonetics, computational linguistics, and mathematics to deliver unparalleled accuracy and speed in payment transaction screening.
Insights
