Banks can tap into the Fincom.co AML screening app to access real-time compliance screening functions in line with regulatory requirements, which only continue to increase in volume and diversity, lowering operational costs. The app uses Fincom.co’s ‘phonetic fingerprint’ system to enable searches and match entries across numerous databases in different languages, reducing the cost of implementation at the bank and enabling rapid time to market. This collaboration brings flexibility of choice for clients, faster time-to-value, and operational savings, made possible due to the reduction in false positives. The solution also provides an ongoing ‘Persistence Mechanism’ which is an automated process designed for ongoing verification to keep the system clean and updated, only alerting the company if there is a significant reason to do so.
Reportedly based on an advanced mathematical algorithm, the phonetic fingerprint will act as a unique identifier and irreversible code. It offers real-time transactions, reduces more than 30% of false positives, ensures there are no false negatives, and provides operational savings, the official press release concludes.
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