FircoSoft targets South Korea with eSumtech tie-up

Source: FircoSoft

FircoSoft, the leading provider of watchlist filtering solution and eSumtech, a major supplier of e-business integration solutions and e-business consulting services based in Seoul (South Korea) have formed a strategic partnership to offer South Korea's market software solutions to counter the processing of illegal transactions and terrorist financing.

This partnership enables eSumtech to locally resell, implement and support FircoSoft's OFAC-Agent Suite watchlist filtering solution to South Korean financial Institutions' sites. OFAC-Agent Suite offers financial institutions efficient filtering solutions for real-time transactions and Know Your Customer policy enforcement. Customers can filter against any sanctions, PEPs & FEPs lists and internal lists, in order to eradicate the risk of processing an illegal transaction or starting a business relationship with potential high-risk parties. The agreement includes the filtering of payment messages processed through the customer's banking application.

FircoSoft and eSumtech have proved to be efficient in delivering state-of-the-art filtering solution to South Korean financial institutions. "eSumtech high professionalism and deep knowledge of the South Korean financial market made it the perfect partner for FircoSoft. Our fruitful collaboration already ended-up in four implementations of OFAC-Agent Suite at major banks", Florence Vicentini, FircoSoft Alliance Director says.

HS Kwak, eSumtech CEO indicates: "Complying with local and international Anti-terrorist financing and AML regulations is an important concern for South Korean financial institutions. FircoSoft's highly sophisticated watchlist filtering solutions, which include strong multi-alphabet capabilities, nicely complement our current offer".

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