BankServ will integrate the ACE AML Toolkit with its market leading TurboSwift solution, to deliver superior messaging functionality combined with advanced AML and OFAC capabilities.

The new strategic initiative covers a worldwide territory and will see two complementary experts in messaging and AML come together to offer the industry more effective tools to comply with the latest AML and terrorist financing legislation. AML is still a relatively new concept and there is increasing pressure on the banking, financial, and investment communities across the world to ensure that they have effective systems to detect and prevent terrorist financing activity.

Whilst many institutions in developed nations have already implemented some form of AML technology, there is strong evidence that there is a growing replacement market, where institutions are looking for more sophisticated and up to date filtering and monitoring functionality that didn't exist even two years ago. Many older systems flag up large numbers of false positives, which diverts time and effort away from tracking down those transactions that are genuinely at risk.

The AML toolkit provides an automated solution to facilitate AML compliance requirements using intelligent natural language processing to quickly and accurately scan financial messages irrespective of formats. It is able to identify blacklisted entities in payment transactions and highlights them before they can be processed, thus helping institutions maintain compliance, avoid regulatory penalties, reduce processing time and minimise reputational risk.

Many emerging countries and markets have some way to go to catch up with respect to the sophistication of the solutions in place for AML, as ACE Software Solutions CEO Parth Desai comments, "The strategies to manage AML and terrorist financing requirements in financial institutions are typically aimed at preventing the activity from occurring through detection and monitoring of suspiciouss transactions. Powerful reporting and audit capabilities are also essential. BankServ has an impressive worldwide client base and will extend the reach of the ACE AML Toolkit into key Latin and South American markets. We are looking forward to a rewarding partnership with a respected market leader."

"AML compliance and filtering should not be seen as an expensive overhead. The AML Toolkit is a proven solution with intelligent and wide ranging functionality that will ensure institutions have a cost effective method of maintaining compliance," said Mary Ellen Putnam, Vice President of International Business, BankServ, said, "We can now offer clients a more effective AML solution which is integrated seamlessly with BankServ's TurboSwift. This combination of two best of breed products will advance the industry's fight against AML and terrorist financing whilst providing the advanced messaging functionality for which we have become known."