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Real-Time Compliance for Real-Time Payments

The financial world is witnessing an unprecedented collaboration – a partnership that emerges as a potent amalgamation of Finastra’s acclaimed Real-Time Payment (RTP) platform and Fincom’s innovative Real-Time Compliance (RTC) system, driven by its AML Sanction Screening and Real-Time Compliance Boost-API.

The genesis of a groundbreaking partnership

What sets this alliance apart? It’s a symbiotic relationship wherein each entity contributes its niche expertise. The companies aim at crafting a community solution that outperforms individual efforts. Finastra’s insight into the necessity of RTC has paved the way for adopting Fincom’s outstanding OFAC screening solution, already employed across multiple US banks. This not only optimizes compliance but also significantly trims down associated costs.

Real-Time Compliance for Real-Time Payments

Fincom’s Real-Time AML sanction screening system is genuinely groundbreaking. The patented Phonetic Fingerprint technology powers instantaneous transactions (under 200 milliseconds) with unmatched precision. This efficiency translates to a stark reduction in alert rates, manual resolution time, and, hence, operational costs.

Further enhancing this is the Boost-API, which invites other AML technologies into the fold. For instance, Thetaray’s inclusion into the community amplifies the RTP-RTC suite with its advanced AML Monitoring and AI Investigation capabilities. Thetaray enriches the Finastra-Fincom offering by updating it with Transactions monitoring, ensuring top-notch AML Monitoring compliance. And, Fincom’s Consolidate Case Management System acts as the backbone, providing a centralized hub for managing multiple RTP-RTC solutions.

The Winning Paradigm

This alliance transcends standard partnerships. Merging distinctive capabilities, Finastra and Fincom offer an efficient RTP bolstered by a secure RTC. In a marketplace shifting from individual products to comprehensive solutions, the trinity of Finastra, Fincom, and Thetaray formulates a triangular shield, positioning itself as the linchpin for banking operations. By sidelining competition, these entities are not only collaborating but inviting other organizations to join the cause.

Key Elements that Define This Alliance:

  1. Unified Approach: The deep integration between Finastra and Fincom epitomizes collaborative success. They’ve created a platform that amalgamates RTP processing with enhanced RTC, emphasizing community success over individual triumphs.
  2. Revolutionary Solution: They’re ushering a new era in the payments domain, challenging the norms of traditional banking by introducing cutting-edge standards like ISO20022.
  3. Community-Centric Vision: Prioritizing the needs of banks, fintechs, and other financial institutions, this collaboration streamlines AML compliance and enhances payment security via a single intuitive interface.
  4. Efficacious Collaboration: The amalgamation of strengths, achieved through uninterrupted smooth flow of information, establishes a seamless data exchange, optimizing efficiency and precision.
  5. Active Ecosystem Role: The shared vision propels innovation, advocating best practices for the financial community.

The Proof is in the Pudding

The tangible benefits are evident in banks where the system has been rolled out. This all-encompassing, cloud-based platform can integrate seamlessly with other banking infrastructures, simplifying real-time payments, transaction monitoring, fraud combat, and AML compliance. A hands-on demo further bolsters this belief, allowing clients to witness the platform’s capabilities in real-time.

Metrics that Matter:

  • Alert Rate Reduction: Fincom’s technology slashes alert rates from a staggering 30-50% to less than 3%.
  • Faster Alert Resolution: The Case Management System diminishes the manual alert resolution time from the standard 8 minutes to a mere 30 seconds.
  • Operational Cost-Cutting: Operational expenses witness a drastic reduction of over 90%.

This collaboration between Finastra, Fincom, and Thetaray underlines the transformative potential of partnerships. By integrating unique solutions and pioneering innovations, they’re shaping the future of real-time payments and compliance.

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