FircoSoft, the leading global provider of watch list filtering solutions, announced today that its customer, a tier one financial institution, will expand its Firco Continuity watch list filtering solution with two add-on modules to increase productivity and control costs while managing the growth in transaction volume for its global operations.
The customer selected Firco Continuity's Decision Reapplication and Workflow Accelerator modules to effectively manage the rise in transaction volume with capabilities to increase productivity, boost processing performance, and reduce risk without incurring additional compliance, IT or personnel costs.
The Decision Reapplication module will reduce the number of transactions to be checked manually by automatically re-applying decisions which have already been made in the past on recurrent low-risk payments, such as payroll or pensions. The Workflow Accelerator module directly assigns alerts to appropriate experts and specialists, skipping redundant or unnecessary steps that could slow down the review process. As a result of these two modules, the financial institution will increase productivity by minimizing manual reviews on recognized false positive hits and expediting workflow based on type of hits and expertise, saving time, driving productivity and reducing costs.
"With increasing transaction volume to be screened due to acquisitions, business growth or new regulations, financial institutions are facing workload increases that will impact compliance operations and raise personnel costs," said Thilo Schreyer, Managing Director at FircoSoft. "We are very pleased our customer has selected these two add-on modules to be able to proactively manage new workload demands while controlling costs and ensuring quality. We worked very closely with our customers to develop these modules recognizing the value they bring to our Firco Continuity customers and the market."
Decision Reapplication - Key Benefits
Reduce number of transactions for manual review
Boost processing performance
Focus operators on high-risk new transactions
Eliminate human error
Increase productivity, saving time and money
Workflow Accelerator - Key Benefits
Save time in end-to-end suspicious payment processing
Avoid manual routing errors
Prioritize hits and routing
Streamline and automate workflows