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Finastra & Fincom discuss the challenges of real-time payments and compliance

Recently, Finastra and Fincom held a joint webinar, discussing the issue and challenges of real-time compliance that needs to go hand-in-hand with real-time payments (RTP). As Josh Kogan from Finastra pointed out, “in recent years, the financial sector has seen the introduction of real-time payment systems across the globe,” which accelerated the transformation rate across financial services as a whole. Being undoubtedly beneficial for the end-user, RTP brings about new technological demands on payment systems, especially in the field of compliance in general, in the field of sanctions screening, in particular. 

Kristin Robertson, Director of Account Management of Finastra and Gideon Drori, Co-founder and CEO of Fincom, discussed the key pain points and challenges of real-time sanctions screening, and the ways to face and resolve these challenges using advanced technological solutions. 

The speakers have also reviewed compliance related issues concerning different types of payments and various regulatory requirements and explained how exactly the technology helps not only to ensure compliance but to considerably cut down on the associated operational costs.

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