FICO, an intelligence software company, has reached an agreement to transition its Siron compliance business to RegTech firm IMTF.
With the transition, IMTF will assume responsibility for the entire Siron Anti Financial Crime business worldwide.
FICO and IMTF are entering into an exclusive agreement for relevant software and intellectual property. IMTF say this will enable them to further develop and extend the Siron Suite and to support the applications and related SaaS offering globally. The transaction includes FICO transitioning all Siron-related customer relationships and commitments to IMTF.
Siron’s anti-financial crime solutions provide organizations with analytics-driven applications for end-to-end financial crime compliance. The Siron suite of products include AML (Anti Money Laundering), KYC (Know Your Customer), EMBARGO (sanctions) and TCR (Tax Compliance) with associated case management and reporting.
This agreement will help expand Siron customers’ current investments in the Siron products with functionalities and new innovations. IMTF’s long-term roadmap is focused on increasing the precision and efficiency of all compliance solutions, along with greater flexibility and ease of adaptation to changing regulations.
IMTF CEO Gion-Andri Büsser said, “The addition and combination of the Siron products with our existing complementary technology offers a unique opportunity to better serve our clients and move towards integrated solutions in the compliance and Regtech space. Through the transaction, we will not only be able to offer existing customers confidence, support and a long-term roadmap for their products but also increase the customer value through complementary tools, leveraging latest developments in AI and data science”
FICO CEO Will Lansing added, “As a leader in regulatory technology, IMTF understands the complexities of financial compliance. We are proud of the work and innovation that the FICO team put into Siron to make it an industry-leading solution and the fact that this same team will be joining IMTF means that customers can rely on a seamless transition. We are confident that IMTF’s investment in the development and growth of Siron will best serve the needs of the customers and partners of the Siron business.”
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