Sword FircoSoft, the leading global provider of watchlist filtering solutions announced today that WestLB has selected Sword FircoSoft's state-of-the-art watchlist filtering solution to fight money laundering and terrorist financing.
WestLB AG, a European Commercial Bank and one of Germany's leading financial services provider, opted for Sword FircoSoft's watchlist filtering solution, Firco Filtering Suite, to filter their SWIFT transactions.
Firco Continuity, Firco Filtering Suite's module to filter financial transactions, has been deployed within four weeks at WestLB, which represented the first phase of the project. The bank is now equipped with state-of-the-art filtering technology which them to filter their SWIFT transactions in real-time against official sanctions lists like OFAC, EU, UN, Bundesanzeiger Verlag (Germany) and others.
"We were looking for a highly efficient solution to filter our in-coming and out-going SWIFT transactions. After narrowing our search to four providers, the choice for Sword FircoSoft's solution was a logical step, taking into account the breadth of functionality of Firco Filtering Suite, its flexibility, its scalability and its short integration time. In addition, the great involvement and dedication of Sword FircoSoft's team ensured a successful and smooth deployment of the solution", says Hagen Schaumkell, WestLB AG Director.
"We are glad to welcome WestLB AG to the ever expanding group of satisfied Firco Filtering Suite users. The quick deployment of Firco Continuity is yet another show case of the flexibility of Firco Continuity and the team behind the product. It allows WestLB AG to detect illegal transactions and remain compliant with the latest anti-money laundering and counter-terrorist financing regulations", states Laurent Corbel, Sales Director, Sword FircoSoft.