Leumi Bank, Israel chooses Firco Continuity

Source: FircoSoft

FircoSoft, the leading global provider of watch list filtering solutions, today announces that Leumi Bank, Israel, selected its best-of-breed Firco Continuity solution to enhance its compliance with national and international regulations.

In the context of intensified worldwide terrorist financing and money laundering threats and taking into account the consequences of the non observance of the related national and international regulations, Leumi Bank is strengthening its anti-terrorist financing and anti-money laundering activities with the selection of FircoSoft state-of-the-art Firco Continuity solution.

With FircoSoft's Firco Continuity for SWIFT Alliance Access (SAA), Leumi Bank will be able to further enhance its vigilance on its SWIFT transactions. Firco Continuity will filter in real time all outgoing and incoming SWIFT transactions against any sanction list. The alerted transactions will automatically be stopped, thus preventing Leumi Bank from processing illegal transactions. Furthermore, Firco Multi-Laws advanced business rules engine option will enhance matching and data recognition with a maximum effectiveness while reducing the False Positive Hit rate.

"Leumi Bank has the intention to meet the challenging regulatory environment with the implementation of an efficient solution. FircoSoft's expertise in watch list filtering, the flexibility of its solutions and the solution's integration capabilities made it the key partner to help us achieve our goals" says Mr. Eliezer Chamdi, Head of Banking Services Center, Leumi Bank "We are glad to welcome Leumi Bank as our first customer in Israel. We are deeply grateful to have been selected to help Leumi Bank in their continuous fight against terrorist financing and anti-money laundering", says Steve Hamel, Sales Manager, FircoSoft. 

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