Central Bank Live with Fundtech's Compliance Filtering Solution, Global Compliance Plus
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Press release date: September 17, 2013
Global Compliance Plus Significantly Reduces Financial Institutions' Costs and Operational Risk Through the Reduction of False Positives
JERSEY CITY, N.J. – Fundtech, a market leader in global transaction banking solutions, today announced that Swiss National Bank is live with Fundtech's compliance filtering solution, Global Compliance Plus. Global Compliance Plus leverages Fundtech's new financial messaging platform, Global Messaging Plus. Swiss National Bank is the first bank to benefit from the compliance filter in combination with the new software generation.
Global Compliance Plus reduces the costly 'false positives' associated with anti-money laundering compliance by ensuring that messages that have already passed scrutiny are not re-checked; that messages are only filtered through the appropriate national or international lists; and that fields for matching can be set to varying degrees of specificity, allowing banks to be as selective or as broad in their criteria as they would like. The solution simplifies and automates the bank's compliance processes, ultimately lowering associated costs and reducing operational risk. It can be used as a stand-alone, in-house compliance filtering solution or integrated with Fundtech's global payments and global cash management solutions. It can also be delivered through a SaaS model, further saving a bank time, money and reducing risk.
"Banks are searching for ways to reduce the significant costs associated with compliance processes," explains Per Trifunovic, CEO of Fundtech's BBP business unit. "By some estimates, each 'false positive' costs banks up to US $50. When you consider that each bank has hundreds, thousands or even millions of false positives every year, the costs can be staggering. Further, non-compliant banks can be fined hundreds of millions of dollars, adding even more expense and reputational risk to the problem. Fundtech's commitment to providing the highest standards of security and reliability, backed by daily simulation processes which ensure continuous compliance, allows institutions to decrease false positives and save valuable time and money."
Fundtech offers a comprehensive line of transaction banking solutions to banks and corporations of all sizes around the world. As a strategic supplier, Fundtech's customers benefit from lower operating costs and an enhanced end-user experience through integrated and feature-rich solutions. The firm's major product lines include: global and regional payments, corporate cash and liquidity management, financial messaging, electronic invoice presentment, supply chain financing, remote deposit capture, merchant services, credit card gateway and mobile banking products. Fundtech offers its software through a traditional software license and a Software-as-a-Service (SaaS) contract. The firm is also the world's largest SWIFT service bureau operator. Thousands of financial institutions and companies worldwide rely on Fundtech's innovation to improve operational efficiency, increase revenues, and provide greater competitiveness through business-to-business services. Founded in 1993, Fundtech was acquired in 2011 by GTCR, a Chicago-based private equity firm. For more information please visit www.fundtech.com.
Public Relations & Analyst Relations Manager, Fundtech
(USA) Kevin Maher - Cognito
(UK) Chanda Gathani - Metia Ltd.