FinScan Boosts Payment Screening for Speedy and Secure Transactions
FinScan, a leading anti-money laundering (AML) compliance solution from Innovative Systems, has recently enhanced its payment screening capabilities through FinScan Payments. This update aims to streamline transaction workflows while reinforcing measures against financial crime.
Investment in Payment Modernization by Financial Institutions
Recent research conducted by Datos Insights indicates that a substantial 91% of surveyed financial institutions (FIs) are making significant investments in payment modernization efforts. Despite this progress, many organizations still rely on outdated AML compliance systems that are not suited for today’s real-time payment environments. This leaves them vulnerable to challenges associated with instant settlement workflows.
Adapting to Evolving Payment Infrastructures
As digital payments continue to rise and the risks associated with financial crime increase, FinScan Payments offers FIs, FinTech companies, and other organizations a robust tool to effectively navigate the changing payment landscape. Key enhancements to the system include:
- Improved System Architecture: Capable of handling high-volume transaction screenings.
- Expanded Integration Support: For new payment messages, ensuring comprehensive coverage.
- Redesigned User Interface: Enhancing user experience for compliance teams.
Expert Insights on Real-Time AML Compliance
Becki LaPorte, a strategic advisor in the fraud and AML sector at Datos Insights, emphasized the importance of real-time AML compliance, stating: “Today’s payment arena requires real-time compliance as regulations demand deeper scrutiny of transactions. Compliance teams must screen against the latest sanctions, PEP, and dual-use goods lists to effectively combat illicit activities.”
Streamlined Workflows for Enhanced Compliance
Deborah Overdeput, Chief Marketing Officer at Innovative Systems, highlighted the need for organizations to adapt and modernize. She stated: “To keep pace with evolving payments, organizations must streamline workflows, update their screening solutions, customize watchlists, and execute compliance checks in milliseconds.”
FinScan Payments empowers financial institutions, neobanks, payment facilitators (PayFacs), and FinTech firms to:
- Block high-risk transactions in real-time.
- Facilitate compliance without delays.
- Implement configurable alerts and seamless integration into payment workflows.
This solution ensures transactions remain secure while meeting the urgent demands of compliance review processes.
For more information on AML compliance solutions, visit our AML Compliance page or check out the Innovative Systems website.
