Facctum Launches Open API for its Facctview Platform to Counter Financial Crime Risk
- Risk Management
- 12.12.2022 04:20 pm
Facctum™, a risktech company specialising in cloud-delivered enterprise risk decisioning technology, announces today the launch of an open API for FacctView™, its sanctions and anti-money laundering (AML) screening platform. The open API will provide institutions of all sizes with access to high-performance compliance controls that can be integrated quickly into their anti-financial crime frameworks.
Facctum developed FacctView as a reaction to the operational challenges caused by rapidly ageing sanctions and AML technology stacks. Traditional on-premises screening software has struggled to keep pace with high-velocity regulatory environments and the consequent increases in workload. In contrast, the technology infrastructure of FacctView provides fast and effective screening that delivers improved risk detection and operation efficiencies. The open API released today is already used in FacctView in a Software-as-a-Service (SaaS), allowing institutions to scale capacity and latency to their operational needs.
Having established FacctView as a SaaS solution, today’s launch provides customers, risktech vendors and payments platforms with new pathways to integrate core Facctum technology into their workflows and expands the range of cloud-enabled solutions for financial crime risk management available through Facctum.
KK Gupta, founder and CEO of Facctum, notes, “Countering financial crime risks has never been more important. However, the challenges of managing these risks effectively and efficiently have become exponentially more difficult. Rapidly evolving risks, new regulatory obligations and the high velocity of change are pushing traditional sanctions and AML tools to the limits. A new approach is needed, one that lowers the speed to closing down risks whilst also delivering operational efficiencies. Today’s open API launch for Facctview is intended to provide rapid, flexible and cost-free access to enterprise-grade technology with a proven pedigree in risk detection.”