Finastra has teamed up with financial crime specialists Fincom and ThetaRay to offer pre-packaged compliance screening for banks delivering instant payments.
The service, which is available through Mircosoft Azure, combines real-time sanctions screening and AI-powered anti-money laundering transaction monitoring, for the US’ FedNow Service and Europe’s TIPS.
The innovative solution is set to integrate Fincom’s real-time AML transaction screening and ThetaRay’s AI-powered transaction monitoring with Finastra’s Payments To Go package for instant payments.
Mike Vigue, chief product officer for payments at Finastra, said: “The introduction of any new payment rail brings new risks, and 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 a new level of security, scalability and flexibility.”
Finastra prides itself on its ability to enable the financial services world, to deliver the future of banking.
The organisation offers a comprehensive portfolio of end-to-end lending solutions in the market – across syndicated, commercial, consumer, and mortgage lending.
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