TRANSACTION SCREENING

Avoid unnecessary fines, allow realtime payments, increase reliability, and reduce costs

FinC.AML Transaction Screening is a powerful AML verification solution that provides accurate entity-name screening across multiple languages in real-time.

The challenge

AML regulations becomes more and more strict: lower amounts must be verified, more industries must comply, fines getting bigger and personal liability is now official.

Risk officers are buffaloed by the need for name screening in a wide‑funnel,  over many name variations, whilst assuring no mishits or too many false-positives.

Manual processes under AML compliance consume enormous resources,

ending up in way too high operational costs; being able to perform the task which is a Big‑data challenge*, is not really feasible by past methodologies.

Payments and other financial transactions, becoming immediate and demanding real time verifications.

PSD2 regulations and P2P payments are the main drivers for this change.

Phonetic fingerprint – Onboarding & transaction applications

Designed to work in a wide funnel of name‑search within multiple database entries from different sources and multiple languages,

whilst guaranteeing high level of Efficiency and Accuracy.

 

Phonetic fingerprint – Onboarding & transaction applications
Phonetic fingerprint – Onboarding & transaction applications

Reliable – Consistent – Accurate – Advanced Automation – Realtime

The advantages of FinC.AML Transaction Screening

Reliable and Consistent with Greater Accuracy

Consistent and accurate name screening with Phonetics at the Core – using computational linguistics, phonetical mathematics, machine learning and artificial intelligence provides the most advanced solution for name‑screening, ensuring maximum effectiveness and efficiency with consistent and transparent results.

Fincom advantage is NOT using a rule-based solution incorporating Soundex or Metaphone (double) and Levinstien distance algorithms as their inaccuracy has been proven time and inherent ethnical bias (as stated to Fincen). Fincom proprietary developed and patented technology is by far the most advanced database entry matching, unifying and mapping technology available to date, with performance of effectiveness, effeminacy, cross 38 languages, accurate, consistent and nondiscriminatory.    

Advanced intelligent automation

 Fincom.co resolves the complexity of AML solutions by advance technology delivered in a simplistic manner (Saas) that saves Operational Costs, HR workload, Time, and negative ramification.

The solution a ‘mathematical decision mechanism’ is transparent, traceable, and explainable as per regulatory and operational requirements. It can easily be calibrated and supports international and multicultural search, matching and screening of names in databases, and naturally integrated to the existing AML team workflow. It has been proven that simplistic phonetic algorithms as Soundex, Metaphone or Double Metaphone, do not understand unstructured names, different languages or dialects as they appear in name transliterations. 


Real time

Perform an accurate precise screening < 200ms on average.

Screen any name or entity against the largest Sanction/PeP databases such as Dow Jones Factiva, Refinitiv World-Check, with over 170 million associated names, in 38 different languages, including Non-Latin (Cyrillic, Arabic, Chinese, etc.).

How does it work?

The Screening request is checked against Sanction Lists, wherein the results from various data entries are transferred into a “Phonetic Fingerprint” using advanced phonetics, artificial intelligence (AI) & fuzzy logic in a multi‑dimensional process: sanitization ensuring the integrity of the information in the databases, normalization formatting & transforming data to a mathematical code (phonetic fingerprint)

and calculation matching the entries between databases by over 44 algorithms accurately and efficiently.

Fincom.co AML Reduces False Positives, Prevent Missed hits and Enables Realtime transactions, by:

  1. Matching Entries from different Databases.
  2. Identifying Entity-name across 38 different Languages.
  3. Resolution of similar nearby names and ‘name distance’ thresholds.
  4. Automatically resolving different transliterations, pronunciations, and spelling variations.

Key features

  • Accurate name screening.
  • Realtime transactions: 500 verifications/sec.
  • Filter false positives.
  • Prevent miss-hits (False negative).
  • Adjustable filtering thresholds.
  • Wide funnel name-screening coverage.
  • Semi or fully automated alert suppression (IPA).
  • Trend analysis on historical data.
  • Daily verification upon each customer data-entry.

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