FinScan, an anti-money laundering (AML) compliance solution provider, has enhanced its payment screening solution in a move to support faster, frictionless payment operations across the globe.
By enhancing FinScan Payments, the company aims to help fintechs and other financial institutions stay ahead of complexity caused by the new payment rails and instant settlement infrastructures emerging globally. It aims to do so by enhancing the solution’s ability to amplify payment risk reviews, accelerate payment workflows, and integrate with payment ecosystems to support faster, frictionless payment operations on a global scale.
Recent Datos Insights research indicates that 91 per cent of surveyed financial institutions (FIs) are making significant or moderate investments in payment modernisation. However, many still rely on legacy AML compliance systems built for fewer payment rails, most of which are not aligned with real-time settlement workflows.
Becki LaPorte, strategic advisor in the fraud and AML practice at Datos Insights, said: “In a fast-changing geopolitical and tech landscape, compliance teams must screen payments against the latest sanctions, PEP, and dual-use goods lists to stay ahead of illicit activity. FinScan Payments is well equipped to support faster payments while effectively controlling risk across domestic and cross-border ecosystems.”
FinScan Payments aims to ensure efficient transaction screening to combat money laundering, enhance customer experiences, and meet regulatory requirements. Its latest enhancements include an enhanced architectural redesign to meet high-throughput transaction screening demands, ongoing support for additional integrations as organisations support new payment messages, and a redesigned user interface to accommodate complex workflows and accelerate review times for different payment messages.
Deborah Overdeput, chief marketing officer of Innovative Systems also added: “FinScan Payments empowers FIs, neobanks, PayFacs, fintechs, and other organisations to block high-risk transactions in real time, facilitating compliance without delays. With configurable alerts and seamless integration into payment workflows, it keeps transactions secure while meeting time-sensitive review thresholds.”
