Accuity, a global financial crime compliance, payments, and KYC solutions provider, recently announced the launch of its Firco Live Services pilot with global banks.

Accuity has been working on its Live Services capability in collaboration with clients who are looking to improve their compliance agility by solving a number of the screening challenges they face, including:

Automating compliance operations to improve efficiency and ease pressure on compliance and operational teams;

Meeting regulators’ and auditors’ demands for proof that the bank is in control of its transaction screening at a granular level, easily and efficiently;

Having visibility, traceability and control across compliance systems;

Optimizing screening in simulation environments and the ability to commit these changes directly to production in a safe and secure manner; and

Minimizing human intervention to reduce errors and cost. 

The banks involved in the pilot are all existing clients. “This pilot is the culmination of collaboration with our clients to innovate in compliance screening,” said Tom Golding, managing director of risk and compliance at Accuity. “Those clients taking part will have early access to our latest screening capability.”

“Having an overview of and insight into compliance systems will help them meet a number of the challenges they face, principally in making their compliance processes more transparent and efficient, both to their internal and external stakeholders. Having access to a simulation environment where they can test their transaction screening and optimise it ahead of going live is an exciting prospect that has the potential to improve productivity and reduce false positive rates,” Golding added.

Firco Live Services aims to satisfy the needs of compliance and operations teams, and ultimately regulators, by providing visibility and control over financial crime compliance screening operations. It provides a real-time, automated solution that presents the global compliance operations status in business terms so that compliance management can see and show their compliance policy in action at every level and be ‘regulator ready.’ At the same time, Firco Live Services helps clients improve the speed and efficiency of their compliance operations by streamlining existing processes and providing insight into how compliance operations are performing and how they can be more productive.

At the heart of the new Firco Live Services capability is a simulation environment that will allow banks to test their transaction screening and optimise their false positive reduction strategies outside their live environment. Given the need to adjust rules and exceptions every few days as sanctions lists are updated, this is currently a complex and time-consuming process using siloed tools. By providing rapid feedback through an integrated and collaborative process, Live Services will transform this task into one that is easier to manage and will help banks better optimise their configuration, reduce false positives and drive down the cost of compliance.