Sanctions screening by PAYMENT RAILS
REVOLUTIONIZING
AML SANCTIONS SCREENING
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Supporting all payment rails: Wire, ACH, LC, SWIFT, RTP
Ensuring AML compliance & reducing operational costs by >90%
AML sanction screening for different payment rails
Wire | ACH | SWIFT | RTP
As anti-money laundering regulations become more strict, lower amounts must be verified, more industries must comply and fines are getting bigger, causing personal liability. Risk officers are confronted by the need for name screening in a wide funnel, over many name variations, whilst assuring there are no false negatives or too many false positives.
Manual processes under anti-money laundering (AML) compliance consume enormous resources, resulting in high operational costs. Additionally, payments and other financial transactions are becoming immediate, demanding real time verifications.
Fincom offers a robust AML screening solution that utilizes advanced technology for accurate name matching. Our 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.
Our solution is 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.
The solution resolves the AML compliance obstacle for real-time payments and performs a precise screening in under 200 milliseconds, enabling financial institutions to screen any name or entity, unique names, or combination of names against the largest Sanction and PEP databases such as Dow Jones Factiva, Refinitiv World-Check, with over 170 million associated entries.
The results from various data entries are transferred into a Phonetic Fingerprint ID using Advanced Phonetics, computational linguistics and advance mathematics, transforming the data to mathematical code and performs calculations, matching the entries between databases by over 44 algorithms accurately and efficiently. This process ensures the accuracy and integrity of the information in the databases. Fincom.co’s AML screening app may be integrated with any existing payment system, providing an end-to-end solution of compliance screening for real-time transactions.
Fincom.co’s AML screening solution uses an ongoing monitoring automation method that leads to over 30% savings in the human resources operational costs. It also supports rapid growth in volume of transactions and customers.
Using computational linguistics, phonetical mathematics, machine learning and artificial intelligence Fincom.co provides the most advanced, accurate solution for name screening. It maximizes effectiveness and efficiency with consistent and transparent results and reduces false positive rate by over 33%.
Screen any name or entity against the largest sanction or PEP databases with over 170 million associated name-entries. Enable real-time transactions and provide more accuracy by automatically resolving different transliterations, pronunciations, and spelling variations, as well as similar nearby names and ‘name distance’ thresholds.
Using computational linguistics, phonetical mathematics, machine learning and artificial intelligence Fincom.co provides the most advanced, accurate solution for name screening. It maximizes effectiveness and efficiency with consistent and transparent results and reduces false positive rate by over 33%.
It enables comparison of entities in a very wide funnel with more name combinations, languages and transliterations. Filter false positives, false negatives and provide a wider name screening coverage while looking at the frequency of names, weighing and differentiating common names, unique names or combinations of names.
Leverage Fincom.co’s solution to save systems’ database for ongoing verification, thus eliminating the risks of whitelisting of alerted entities. This automation method leads to over 30% savings in the HR operational costs and removes the possibility of negative consequences. It also supports rapid growth In volume of transactions and customers.