Finastra has partnered with financial crime specialists Fincom and ThetaRay to provide pre-packaged compliance screening solutions for banks facilitating instant payments.
Available through Microsoft Azure, the new Compliance-as-a-Service package features real-time sanctions screening and AI-driven anti-money laundering transaction monitoring for platforms such as the FedNow Service in the US and TIPS in Europe.
This service merges Fincom’s real-time AML transaction screening and ThetaRay’s AI-based transaction monitoring with Finastra’s Payments To Go package for instant payments.
Mike Vigue, Chief Product Officer at Finastra, stated, “The introduction of any new payment rail brings new risks, especially when that rail operates in real-time. We are building on the success of Payments To Go for instant payments by providing accurate and efficient compliance capabilities at a reduced total cost of ownership. By pre-integrating Fincom and ThetaRay with our solutions, our customers will reduce the time and risks of launching instant payment services while benefiting from enhanced security, scalability, and flexibility.”