Facctum Releases Open Access Platform to Combat Terrorism Financing, Organised Crime, Sanctions Risks
- Risk Management
- 28.11.2022 10:20 am
Facctum, a risktech company specialising in cloud-delivered anti-financial crime technology, today launches an open access search version of its flagship FacctView™ platform. This enterprise-grade risk detection technology for sanctions and financial crime risk management will allow users to search business relationships and determine, in real-time, areas of potential sanctions compliance risk.
By providing an open access pathway to FacctView, Facctum aims to reduce the barriers to reliable and effective sanctions screening tools encountered worldwide by small and medium-sized enterprises. In doing so, it hopes to improve the security of financial systems by encouraging more screening without additional costs.
Facctum developed FacctView to deliver effective and efficient financial crime risk management tools as a Software-as-a-Service. It leverages high-speed Ab Initio parallel processing technology in combination with a cloud-native product development design, providing users with access to a fast, effective tool in detecting financial crime risks and an operational agility to scale capacity and latency to their needs.
Ab Initio provides Facctum with proven clustering and matching capabilities based on 12 technology patents, allowing relationships between customers or transactions and risk watchlists to be detected. This approach is supported by over 40 matching algorithms, providing coverage of multi-lingual, cross-cultural scenarios. As such, Ab Initio provides transparent, detailed evidence to understand the cause of every potential alert, making compliance decisions easy to explain. Facctum integrates these Ab Initio capabilities into specialised screening solutions that are capable of processing large data volumes in real-time to cluster, search, filter, and score potential risk.
With open access, Facctum is making the technology of its enterprise FacctView versions fully accessible to companies with sanctions risks or compliance obligations. Until today, businesses without the means to access proven risk technologies have relied on the search functions of government websites or finding access to low-cost products. Open access FacctView provides an alternative that is simple to use and delivers effective compliance outcomes.
KK Gupta, Founder and CEO of Facctum notes, “Sanctions compliance can be very challenging for smaller institutions, in terms of operational impact and technology spend. With the open access release of FacctView, we are providing full access to our core matching technology at no cost. The Facctum team hopes this initiative will lead to more comprehensive, effective, and efficient sanctions compliance and a safer financial system.”