Facctum is a RiskTech company specialising in cloud-delivered anti-financial crime technology and has launched an open access search version of its flagship product.
Its core solution is FacctView, an enterprise grade risk detection technology for sanctions and financial crime risk management. It allows users to search business relationships and determine areas of potential sanctions compliance risk, all in real-time.
By offering an open access to the solution, it hopes to reduce the barriers to reliable and effective sanctions screening tools encountered worldwide by small and medium-sized businesses. It hopes this will help improve the security of financial systems by encouraging more screening without additional costs.
Facctum Founder and CEO KK Gupta said, “Sanctions compliance can be very challenging for smaller institutions, in terms of operational impact and technology spend.
“With the open access release of FacctView, we are providing full access to our core matching technology at no cost. The Facctum team hopes this initiative will lead to more comprehensive, effective, and efficient sanctions compliance and a safer financial system.”
The platform leverages Ab Initio parallel processing technology and cloud-native product development design. Through this it boasts a fast and effective tool to detect financial crime risks.
Ab Initio gives Facctum clustering and matching capabilities based on 12 technology patents, allowing relationships to be detected. This is then added on top of Facctum’s screening solutions that process large volumes of data in real-time.
In other RegTech news, Sella Group, which is the holding company of Italian bank Banca Sella, launched biometric payment cards through a deal with IDEX Biometrics. This biometric payment card will initially be offered to selected target segments.
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