Payments

Finastra's Compliance as a Service Battles Instant Payment Crimes

Finastra's Compliance as a Service Battles Instant Payment Crimes
  • Finastra's new solution merges real-time sanctions screening and AI-powered anti-money laundering for FedNow in the US and TIPS in Europe.

  • Initiatives are underway to integrate Finastra Compliance as a Service with Finastra Global PAYplus soon.

  • This comprehensive solution automates compliance for US and European banks by leveraging proven technology to facilitate instant payments.

Finastra, a global provider of financial software applications and marketplaces, has officially unveiled its latest payment solution, Finastra Compliance as a Service, hosted on the Microsoft Azure platform. It will incorporate real-time anti-money laundering (AML) transaction screening from Fincom and AI-powered transaction monitoring by ThetaRay, presenting a pre-integrated packaged solution alongside Finastra Payments To Go.

Mike Vigue, Chief Product Officer for Payments at Finastra, underscored the increased risks associated with introducing a new payment rail, mainly when it operates in real-time. He articulated Finastra's commitment to leveraging the successful track record of 'Payments To Go' for instant payments. He emphasized that the company's objective is to provide financial institutions with precise and efficient compliance capabilities, ultimately reducing the total cost of ownership.

Finastra Compliance as a Service will facilitate banks in capitalizing on and adhering to various instant payment infrastructures, such as the FedNow service in the United States and TIPS in Europe while mitigating the elevated risks associated with financial crime. Through the integration of real-time compliance screening by Fincom and AI-driven transaction monitoring by ThetaRay, this service will empower financial institutions to expedite their business expansion, broaden risk management coverage, and curtail operational expenses.

Mike Vigue further added that through the seamless integration of Fincom and ThetaRay into their solutions, Finastra's clients can expedite the launch of instant payment services while enhancing security, scalability, and flexibility. He concluded that the company remains committed to supporting banks in keeping pace with evolving customer, industry, and regulatory demands through ongoing payment innovation and collaboration with partner ecosystems to provide top-tier services.

Radha Suvarna, Head of BaaS and Value-Added Payment Solutions at Finastra added,

By delivering relevant value-added payment risk solutions as a service, we will help banks to improve speed-to-market and ensure our customers stand to benefit from the ongoing evolution in enabling capabilities like AI and Machine Learning.

[Source - Cision PR Newswire]

'Payments To Go' represents a comprehensive software-as-a-service (SaaS) payment processing solution, empowering banks to expedite the delivery of flexible digital payments with enhanced efficiency. Financial institutions can easily subscribe to this solution via Microsoft Azure Marketplace, streamlining billing under a single invoice.

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Synechron Launches 'Synechron Nexus' AI Solutions Suite in Fulfilling the Promise of AI With Ready-to-use Solutions

Synechron | February 02, 2024

Synechron, Inc., a leading global digital transformation consulting firm focused on financial services and technology organizations, announces the launch of its Synechron Nexus suite of nine Artificial Intelligence (AI) solutions that are ready to be deployed within weeks. This array of generative AI-led solutions was designed to span the nexus between human expertise and AI, while enabling users to automate manually intensive tasks, increase project speed, drive operational efficiencies, and reduce costs across various key business tasks. Each solution, divided among three value streams, allows Synechron clients to improve their operations, reduce friction in their processes and boost productivity. Business Growth: Practical, innovative applications that enhance business capabilities Synechron Amplifai is a GenAI-powered market research solution. Its automated research capability saves significant time in a wide range of use-cases, reducing the tedium of gathering, analyzing and reporting market news, trends and strategies. Synechron Clarifai is a tool for summarizing and analyzing call-center transcripts. Conversations are flagged for non-compliance and further human review/actions. Synechron Simplifai centralizes project portfolio data and metrics for streamlined executive decision-making, informing effortless, data-backed decisions for executive and steering committee groups. Operational Efficiency: Advanced solutions to streamline processes and elevate internal operations Synechron Nexus Chat is built on a conversational AI model, understands and engages in a comprehensive range of scenarios and supports plug-ins for real-time data and integration, while delivering human-like conversational responses and text, safely and securely. Synechron Replai is an AI-driven, RFP and proposals tool, streamlining proposal creation with high-quality, insightful responses, with the ability to search the internal knowledge repository for fast access and content re-use. Synechron Unifai is an AI-driven HR solution, designed to simplify interactions between company HR functions and employees, such as policy information and employee-specific payroll details. Synechron Identifai collects comprehensive online market intelligence and provides an in-depth understanding of business, emerging technology trends, or any research topic. Developer Productivity: Toolkit to optimize timelines, minimize costs, and automate practices across the Software Development Lifecycle (SDLC) Synechron Codifai is an SDLC productivity improvement tool, using automation in code generation, unit test case generation, legacy code migration, code optimizations, and automatic code documentation. It works closely with Synechron Verifai which addresses software testing aspects. Synechron Verifai is a GenAI tool for SDLC productivity, using automation in code generation with a focus on QA test case generation, automated test script generation, synthetic test data generation, and bug detection and bug fixing. It works closely with Synechron Codifai which addresses software development efficiency. This new Synechron Nexus AI suite of real-world, practical business solutions, combined with the five formalized RiskTech.AI Accelerators (launched in October 2023), leverages Synechron's AI Practice expertise globally. The creation of AI-led business solutions has been a passion of Synechron's for over a decade, and the firm's commitment to innovative excellence has won the firm eight prestigious AI industry awards to date. Faisal Husain, Synechron's Co-founder and CEO, said of the launch of the Synechron Nexus AI Suite of solutions, "We are proud to be releasing this extensive array of AI-enhanced solutions that go beyond the hype, and provide significant, tangible benefits to business operations. AI and GenAI-rich tools are not just ideas we offer to our clients, but key process accelerators that we ourselves at Synechron are deploying across our company, as we offer ways to integrate the benefits of this technology with human expertise." Ryan Cox, Co-head of Synechron's AI Practice in the UK, added, "Our team has developed, tested, and successfully integrated these advanced AI solutions. Our approach is to strategically guide our clients to integrate AI effectively within their business processes. We identify the key areas where AI can bring the most impact, aligning our solutions to their unique business needs. This targeted approach ensures significant value creation with maximum benefit." Prabhakar Srinivasan, Co-head of Synechron's AI Practice in Bangalore, India, commented, "Artificial Intelligence has proven to be a wonderful force for driving business enhancements by quickly synthesizing extraordinarily large data sets. The Large Language Models used learn over short span of time on how to optimize each firm's proprietary information, thereby boosting productivity and allowing businesses to realize time and cost savings as they optimize tasks." About Synechron At Synechron, we believe in the power of digital to transform businesses for the better. Our global consulting firm combines creativity and innovative technology to deliver industry-leading digital solutions. Synechron's progressive technologies and optimization strategies span end-to-end Artificial Intelligence, Consulting, Digital, Cloud & DevOps, Data, and Software Engineering, servicing an array of noteworthy financial services and technology firms. Through research and development initiatives in our FinLabs we develop solutions for modernization, from Artificial Intelligence and Blockchain to Data Science models, Digital Underwriting, mobile-first applications and more. Over the last 20+ years, our company has been honored with multiple employer awards, recognizing our commitment to our talented teams. With top clients to boast about, Synechron has a global workforce of 15,000+, and has 48 offices in 19 countries within key global markets.

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As digital transformation strategies take hold and organizations embrace a philosophy of data-driven decision-making, many functions that have traditionally communicated little with each other are coming together around a shared need for current and relevant information. In this environment, IT and tax departments have a signifi

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