23 February 2018
Visit www.avoka.com

Swift adds peer assessments to sanctions testing service

03 March 2015  |  2165 views  |  0 Source: Swift

SWIFT announces the addition of Peer Assessment to its Sanctions Testing service.

SWIFT’s Sanctions Testing helps financial institutions optimise the performance of their transaction and customer screening systems by analysing whether their systems are operating correctly and are able to detect illicit transactions or sanctioned customers.

SWIFT’s Peer Assessment service has been developed together with Sanctions Testing customers as part of SWIFT’s community-driven approach to providing financial crime compliance services. This optional service enhances SWIFT’s Sanctions Testing offering by enabling financial institutions to compare the performance of their sanctions filters against those of other participating institutions. SWIFT’s Peer Assessment service uses a performance baseline of aggregated data from other Sanctions Testing users with similar business characteristics. The baseline will be extended and evolve over time as banks join the service, and the community-driven initiative broadens the scope of performance assessment and operational practices.

“Many financial institutions are already using SWIFT’s Sanctions Testing to improve the effectiveness and efficiency of their sanctions compliance systems,” says Tony Wicks, Sanctions Testing Product Manager, SWIFT. “The addition of Peer Assessment provides further transparency by enabling banks to see how their systems perform against other banks with similar business characteristics. It will also contribute to the development of market practices.”

Launched in 2012, SWIFT’s Sanctions Testing checks transaction and client filter effectiveness for exact “hits” as well as “fuzzy” matches - names that are similar to, but not exactly the same as those on sanctions lists. It enables users to integrate regular testing and tuning into their sanctions compliance processes and allows them to create a strategy for enhanced efficiency and performance. It is already used by over 20 institutions, which account for 35 percent of message traffic on the SWIFT network, as well as major insurance providers. SWIFT provides group and regional license options, along with assessment and consultancy services.

Comments: (0)

Comment on this story (membership required)

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit www.vasco.comvisit www.nextgenbanking.co.ukvisit www.swift.com/your-needs/instant-payments

Top topics

Most viewed Most shared
Ripple makes new connections to emerging marketsRipple makes new connections to emerging m...
11141 views comments | 14 tweets | 10 linkedin
hands typing furiouslySome Interesting Applications Of The Inter...
10146 views 3 | 9 tweets | 1 linkedin
Basel Committee outlines disruptive fintech scenariosBasel Committee outlines disruptive fintec...
8023 views comments | 15 tweets | 26 linkedin
Investment Association sets up fintech accelerator for asset managersInvestment Association sets up fintech acc...
7656 views comments | 19 tweets | 10 linkedin
R3 creates Legal Centre of Excellence for blockchain technolgyR3 creates Legal Centre of Excellence for...
7432 views comments | 10 tweets | 14 linkedin

Featured job

Competitive base + commission + benefits
New York City, NY - USA

Find your next job