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105 Bank selects FircoSoft and NTTDG for KYC screening

23 March 2015  |  1632 views  |  0 Source: FircoSoft

FircoSoft, the leading global provider of watch list filtering solutions, announced today that 105 Bank has selected Oculus, NTTDG screening solution dedicated to the Japanese market embedding FircoSoft's Firco Trust filters, to ensure regulatory compliance and prevent the risk of doing business with risky customers or counterparties.

105 Bank, a major regional bank based in Japan, will be using Firco Trust filters for monitoring its 2.7 million customers on an ongoing basis and for thousands of ad-hoc queries daily. The solution will be using several watch lists including the Frozen accounts' owners list (corporate bodies and individuals), the JBA list, and four internal lists. Firco Trust filters are embedded in partner NTT DATA Getronics (NTTDG)'s Oculus screening solution for the Japanese market. NTTDG is a FircoSoft Value Added Reseller (VAR), serving numerous financial institutions in Japan.

"We are very pleased to have selected FircoSoft's and NTTDG's combined screening solution to detect individuals that are subject to economic sanctions. It will improve our Know Your Customer (KYC) and Enhanced Due Diligence (EDD) controls and help us meet regulatory requirements," said Kishida Hideyuki, Compliance Department of 105 Bank. "The reputation and performance of their solution, including fuzzy matching and alphabet filtering, as well as their ability to filter large volumes of data, made FircoSoft and NTTDG the right choice for 105 Bank."

"We are delighted to add 105 Bank as a new customer to our growing customer base together with our long-time partner NTTDG, helping Japanese financial institutions meet stricter regulatory requirements related to anti-terrorist financing controls," said Florence Vicentini, Alliances Head of Operations of FircoSoft. "With solutions that operate in over 85 countries, meeting local requirements is paramount. For the Japanese market, we address specific challenges ensuring our solutions can manage large volumes, are multi-alphabet ready, support transliteration, and enable the filtering of data in Katakana, Hiragana and Kanji characters." 

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