Fincom.co's Real-Time AML Compliance Solution: Improving Efficiency and Accuracy in Financial Transactions

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Fincom.co's Real-Time AML Compliance Solution: Improving Efficiency and Accuracy in Financial Transactions

Real-time low latency screening

In the world of financial transactions where real-time verification is essential, manual AML compliance processes are not only time-consuming but also costly. Fincom.co's Real-Time AML compliance solution offers a purpose-built, supervised Machine Learning approach with "Phonetic Fingerprint" technology. This innovative solution allows for high volume transaction screening at low latency across multiple languages and industries. By leveraging this technology, transactions are evaluated against the largest Sanction/PeP databases in under 200 milliseconds, ensuring accurate and precise screening without missing any key hits.

Greater accuracy while reducing false positives

One of the main challenges faced by financial institutions is the high rate of false positives generated during AML screenings. Traditionally, institutions have relied on rules-based or libraries solutions that often lead to a significant number of false alerts. Fincom.co's solution addresses this issue by employing supervised machine learning technology, which can reduce the false positive rate by over 50% compared to industry standards. This not only enhances accuracy but also helps institutions save on operational costs associated with manual screening processes.

Multilingual 'no miss' by Phonetic Fingerprint

Another key feature of Fincom.co's Real-Time AML compliance solution is its multilingual support through the use of Phonetic Fingerprint technology. This technology provides a mathematical representation of how a spelled name sounds, enabling accurate matching of names across different languages with over 38 pre-built languages. By eliminating the problem of spelling variations and leveraging this advanced technology, financial institutions can maintain compliance across diverse industries and languages without the risk of fines due to outdated screening technologies.

Building Blocks: Compliance Final Response and Compliance Analysis

Fincom.co's Real-Time AML compliance solution offers two crucial building blocks to ensure thorough compliance. The Compliance Final Response feature provides a comprehensive compliance response following the completion of investigations by the compliance department. On the other hand, Compliance Analysis allows for initiating compliance analysis requests as part of the payment processing flow in High-Value and Immediate Payment schemes, providing immediate responses to compliance analysis requests.

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