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Finastra offers Compliance-as-a-Service package for instant payments

Finastra offers Compliance-as-a-Service package for instant payments

Finastra has teamed up with financial crime specialists Fincom and ThetaRay to offer pre-packaged compliance screening for banks delivering instant payments.

Available via Mircosoft Azure, the new Compliance-as-a-Service package combines real-time sanctions screening and AI-powered anti-money laundering transaction monitoring, for the US’ FedNow Service and Europe’s TIPS

The service integrates Fincom's real-time AML transaction screening and ThetaRay’s AI-powered transaction monitoring with Finastra's Payments To Go package for instant payments.

“The introduction of any new payment rail brings new risks, and especially when that rail operates in real-time,” says Mike Vigue, chief product officer, [ayments at Finastra. “We are building on the success of Payments To Go for instant payments by providing accurate and efficient compliance capabilities at a reduced total cost of ownership. By pre-integrating Fincom and ThetaRay with our solutions, our customers will reduce the time and risks of launching instant payment services while benefiting from a new level of security, scalability and flexibility."

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