ENComplyAdvantage Launches App on Finastra’s FusionFabric.cloud
App delivers transaction screening and monitoring with real-time anti-money laundering data for financial institutions
LONDON, UK & NEW YORK, NY – September 9th, 2021: ComplyAdvantage, a global data technology company transforming financial crime detection, today announced that its ComplyAdvantage application is available through Finastra’s FusionStore. The application will enable financial institutions, payment providers, challenger banks, crypto exchanges and fast-growing financial services firms to benefit from screening against real-time data to detect and mitigate money laundering risk.
Going live on FusionStore marks the final stage of the app development journey for firms using Finastra’s open development cloud platform, FusionFabric.cloud. The FusionStore marketplace enables Finastra’s customers worldwide to access, test, purchase and deploy certified apps on top of Finastra core systems, helping them quickly realize the benefits and deliver added value to their customers.
“At ComplyAdvantage our mission is to build strategic partnerships, to deliver the best-in-class technology and to become the leader in AI-driven financial crime risk and detection technology,” said Raji Soussou, Global Head of Channel & Alliances at ComplyAdvantage. “By having our app on Finastra’s FusionFabric.cloud, we can now make our award-winning hyperscale financial risk insight solutions accessible to financial institutions worldwide.”
Built on Finastra’s industry-leading core technologies and harnessing an extensive catalog of open APIs, ComplyAdvantage has developed an anti-money laundering solution with an advanced approach to data collection and refinement. ComplyAdvantage uses the latest technologies in machine learning and information retrieval to acquire information faster and more effectively than the industry standard. It offers screening and monitoring against the latest sanctions and watchlist data. Coverage includes every global list, including OFAC, UN, EU, HMT, MAS, DFAT, and thousands of governmental, regulatory, and law enforcement lists.
Offering hyperscale risk management solutions designed for high growth companies, ComplyAdvantage’s robust monitoring, update and assurance processes monitor thousands of anti-money laundering lists concurrently in real-time. In addition, the company’s Transaction Screening solution identifies sanctions risk in all parts of the payment message including unregulated free reference text, by screening against a consolidated, near real-time database. The 24/7 automatic monitoring captures updates in the shortest time possible and alerts financial institutions when there is an anti-money laundering risk update. It comes pre-integrated to Finastra’s Fusion Essence and Fusion Global PAYplus for faster deployment.
“With global financial crime compliance spending now exceeding $100B annually, our clients are seeking the most efficient and innovative solutions possible to minimize risk and reduce the cost of compliance,” said Vincent Pugliese, SVP and General Manager of Platform at Finastra. “As Finastra cores generate and process the transactions that must be compliant, our customers are eagerly seeking pre-integrated solutions to meet these pressing needs. We welcome ComplyAdvantage to the FusionFabric.cloud platform as part of our wider solution set for financial crimes compliance and regtech.” Using Finastra’s open APIs, developers can create solutions that address business challenges across the financial services spectrum, including retail banking, payments, transaction banking, corporate banking, lending, treasury and capital markets. Visit FusionStore for more information: https://store.fusionfabric.cloud/
- ENDS –
About ComplyAdvantage
ComplyAdvantage is the financial industry’s leading source of AI-driven financial crime risk data and detection technology. ComplyAdvantage’s mission is to neutralize the risk of money laundering, terrorist financing, corruption, and other financial crime. More than 500 enterprises in 75 countries rely on ComplyAdvantage to understand the risk of who they’re doing business with through the world’s only global, real-time database of people and companies. The company actively identifies tens of thousands of risk events from millions of structured and unstructured data points every single day.
ComplyAdvantage has four global hubs located in New York, London, Singapore and Cluj-Napoca and is backed by Goldman Sachs, Ontario Teachers’, Index Ventures and Balderton Capital. Learn more at complyadvantage.com.
For further information please contact:
Tim Donovan
Global Head of Corporate Communications
T +1 510 593 0064
E [email protected]
Ben Goldsmith
For ComplyAdvantage EMEA
Goldsmith Communications
T +44.0.7788.295321
E [email protected]
About Finastra
Finastra is building an open platform that accelerates collaboration and innovation in financial services, creating better experiences for people, businesses and communities. Supported by the broadest and deepest portfolio of financial services software, Finastra delivers this vitally important technology to financial institutions of all sizes across the globe, including 90 of the world’s top 100 banks. Our open architecture approach brings together a number of partners and innovators. Together we are leading the way in which applications are written, deployed and consumed in financial services to evolve with the changing needs of customers. Learn more at finastra.com
About FusionFabric.cloud
FusionFabric.cloud is a scalable, open and collaborative development platform built by Finastra. The secure and proven cloud platform encourages innovation, opening up the company’s core systems through APIs so that third parties can develop applications on top. Fintechs can quickly build and promote apps worldwide. Financial institutions can access or create new services, which their customers are demanding, faster. Visit fusionfabric.cloud
Caroline Duff
Global Head of PR
T +44 (0)7917 613586
E [email protected]