Fundtech, a market leader in global transaction banking solutions, today announced that Swiss National Bank is live with Fundtech's compliance filtering solution, Global Compliance Plus.
Global Compliance Plus leverages Fundtech's new financial messaging platform, Global Messaging Plus. Swiss National Bank is the first bank to benefit from the compliance filter in combination with the new software generation.
Global Compliance Plus reduces the costly 'false positives' associated with anti-money laundering compliance by ensuring that messages that have already passed scrutiny are not re-checked; that messages are only filtered through the appropriate national or international lists; and that fields for matching can be set to varying degrees of specificity, allowing banks to be as selective or as broad in their criteria as they would like. The solution simplifies and automates the bank's compliance processes, ultimately lowering associated costs and reducing operational risk. It can be used as a stand-alone, in-house compliance filtering solution or integrated with Fundtech's global payments and global cash management solutions. It can also be delivered through a SaaS model, further saving a bank time, money and reducing risk.
"Banks are searching for ways to reduce the significant costs associated with compliance processes," explains Per Trifunovic, CEO of Fundtech's BBP business unit. "By some estimates, each 'false positive' costs banks up to US $50. When you consider that each bank has hundreds, thousands or even millions of false positives every year, the costs can be staggering. Further, non-compliant banks can be fined hundreds of millions of dollars, adding even more expense and reputational risk to the problem. Fundtech's commitment to providing the highest standards of security and reliability, backed by daily simulation processes which ensure continuous compliance, allows institutions to decrease false positives and save valuable time and money."