Wires Sanctions Screening Solutions
from 30-50% down to 5%
Fincom’s advanced, accurate, and efficient OFAC screening solution for wires leverages cutting-edge technology and sophisticated alert suppression mechanisms to significantly reduce the number of alerts, cutting alert rates from 30-50% to below 5%.
Ensuring Compliance
Through Comprehensive Robust Screening
Fincom’s wire screening engine employs advanced and specialized screening methodologies to analyze a diverse range of data types and fields, including individual names, entities, addresses, countries, free text, vessels, and aircraft. This robust and comprehensive OFAC screening approach ensures that banks remain fully compliant with ever-evolving regulatory requirements, providing both accuracy and efficiency in identifying sanctioned entities and individuals.
Fincom's Intuitive Case Management
The solution’s intuitive built-in Case Management functionality provides a comprehensive and detailed view of alerted cases, streamlining the investigation and decision-making processes for alerted transactions, significantly reducing investigation time from 8 to 0.5 mins, and maintaining explainable and traceable audit logs detailing all user actions.
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
