FircoSoft, the leading global provider of watch list filtering solutions, announced today its expansion within India through its first partnership in the region with Peocit, a leading financial services company focused on creating software products for the financial industry, headquartered in Mumbai.
PEOCIT will resell FircoSoft's watch list filtering solutions and services to help financial institutions eliminate the risk of processing illegal transactions and detect high-risk financial customers or counterparts.
"Recently, we have noticed a growing interest in watch list filtering solutions in India as most Indian banks manage international transactions and need to have a good filtering solution to meet regulatory requirements," said Florence Vicentini, Channel & Alliance Director at FircoSoft. "FircoSoft considers India as a major market and sought partners to represent us and provide local expertise to our customers. PEOCIT has and extensive experience in delivering high-quality solutions to the financial industry in India. In addition, PEOCIT has a strong track-record with more than 1,600 customers since its inception in 2001 and we are fully confident they will comprehend Indian banks' needs and challenges."
"We are very pleased to be partnering with the watch list filtering market leader, FircoSoft. The combination of their state of the art solutions with our deep knowledge and expertise in creating software for the financial market will offer the perfect solution to financial institutions in India" says Ashutosh Jha, Managing Director at PEOCIT. "We have at stake to deliver the best to our customers and with this partnership, we will be able to help financial institutions ensure compliance with the latest international regulations while protecting them against fines, penalties and reputational damages."
Products offered are Firco Continuity for the filtering of transactions, Firco Trust for the enhancement of KYC programs, and Firco List Service, for the optimization of sanctions lists to reduce workload and false positive hits. They will also provide implementation and support services for FircoSoft's solutions.