Finastra’s Compliance as a Service Battles Instant Payment Crimes

Finastra has introduced a new payment solution called Finastra Compliance as a Service, hosted on the Microsoft Azure platform. This solution combines real-time sanctions screening and AI-powered anti-money laundering capabilities for banks in the United States and Europe, particularly focusing on supporting payment infrastructures like FedNow and TIPS.

Key points about Finastra Compliance as a Service include:

1. Real-Time Anti-Money Laundering (AML) Screening: It incorporates real-time AML transaction screening provided by Fincom, which helps banks identify and prevent suspicious financial activities.
2. AI-Powered Transaction Monitoring: The solution also integrates AI-powered transaction monitoring by ThetaRay, enabling banks to identify anomalies or potential issues in payment transactions using artificial intelligence.
3. Reducing Compliance Costs: Finastra’s aim with this service is to provide financial institutions with efficient compliance capabilities, ultimately reducing the overall cost of compliance and making it easier for banks to navigate the challenges of introducing new payment rails, especially those operating in real-time.
4. Support for Instant Payment Infrastructures: Finastra Compliance as a Service is designed to help banks adapt to instant payment infrastructures such as FedNow in the United States and TIPS in Europe. It aims to mitigate the risks associated with financial crime while facilitating real-time payments.
5. Integration with Finastra Payments To Go: This solution is presented as a pre-integrated packaged offering alongside Finastra Payments To Go, allowing financial institutions to access a comprehensive suite of tools for payment processing.
6. Client Benefits: Finastra emphasizes that this integration of Fincom and ThetaRay into their solutions enables clients to expedite the launch of instant payment services while enhancing security, scalability, and flexibility in their operations.
7. Commitment to Innovation: Finastra is committed to supporting banks in keeping up with evolving customer demands, industry trends, and regulatory requirements. The company plans to continue collaborating with partner ecosystems to offer top-tier services.
8. Value-Added Payment Risk Solutions: Finastra seeks to provide banks with value-added payment risk solutions as a service, which can improve the speed at which these banks can bring new payment solutions to the market.
9. ‘Payments To Go’: ‘Payments To Go’ is described as a comprehensive software-as-a-service (SaaS) payment processing solution, designed to help banks deliver flexible digital payments efficiently.
10. Subscription through Microsoft Azure Marketplace: Banks can easily subscribe to these services via the Microsoft Azure Marketplace, simplifying billing under a single invoice.

In summary, Finastra Compliance as a Service is a solution designed to help banks automate compliance processes, reduce costs, and adapt to real-time payment infrastructures while mitigating the risks associated with financial crime. It combines real-time AML screening with AI-powered transaction monitoring, offering a comprehensive package for financial institutions.