Banking software house, Misys and FircoSoft, a specialist developer of software to help banks identify terrorists and people on sanctions watch lists, have formed an alliance.
It aims to provide banks with greater consistency and control over the management and analysis of trade finance transactions to identify financial crime and maintain compliance with new sanctions and regulatory mandates.
According to Misys, more than 200 banks rely on its FusionBanking Trade Innovation software to manage their trade finance operations.
Under the alliance, this software would be combined with FircoSoft’s solutions for sanctions filtering to enable banks to screen international trade messages for sanctions purposes.
The combined platform also monitors incoming or outgoing payments throughout the trade cycle.
Fircosoft, a French company that counts eight of the world’s 10 biggest banks by assets as its clients, was acquired in September for $150 million by multinational publishing and information giant, Reed Elsevier.
Categories: Trade Based Financial crimes News