FinScan® | PREMIUM

Don’t miss a hit. Reduce risk and false positives by 50%.

Introducing FinScan Premium*  —  The latest enhancement to our anti-money laundering (AML) platform. FinScan Premium is the only AML platform with a built-in data quality engine & transparent matching algorithms.

Too many false positives?

Poorly structured data and inconsistent formats create questionable matches that must be manually reviewed. Screening messy customer data against compliance lists is challenging and requires a great investment in personnel.

Get your false positives under control and review only high quality matches through FinScan’s accurate and efficient anti-money laundering (AML) screening solution.

FinScan Premium cleans and primes your internal data for compliance. Your screening starts with better data, so you get better results. Premium addresses data quality problems such as duplicates, inconsistent formats, dummy data, and customer names misplaced in non-name fields, thereby reducing false positives and the risk of missing true hits by an average of 50% vs. competitive solutions.

FinScan’s data quality engine cleanses your data before screening begins

The FinScan Solution

How does FinScan reduce false positives?

Built-in Data Quality Engine + Transparent Matching Technology

FinScan Data Quality Engine

Cleaner Data = Higher Matching/Screening Accuracy

Enhance the accuracy of your matches so that you can focus on the real risks. FinScan’s Data Quality Engine helps you:

  • Standardize your data and fix name and address errors
  • De-duplicate records to enhance efficiency when clearing alerts
  • Identify and screen the true names even when they are hidden in the wrong fields
  • Create compliance-ready data that enables your program’s success

FinScan makes any data compliance-ready for the most accurate screening results,
recognizing hidden names and identifying potential true hits.

FinScan cleanses input records

Both Al-Rahman Welfare and James McClintock are identified as true hits in FinScan, while other screening systems would have missed them.

On-Demand Webinar
On-demand Webinar:
The Importance of Data: The Challenges and Best Practices of AML Sanctions Screening
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FinScan is able to prevent false positives and the risk of missing true hits by correcting data issues. Many compliance departments must rely on data quality procedures at the organization’s core system level, but those systems typically do not deliver data fit for compliance screening.

Data Errors FinScan Identifies and Addresses to Prevent Missed Hits and False Positives

Actual example of a FinScan customer data analysis

Percentage of customer records with data errors
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Let us show you, using your own data, how properly preparing the data for compliance screening can reduce your false positives and risk by as much as 50% over your current solution.
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FinScan Matching Technology

Granularity and Transparency for More Accurate, Explainable Results

Understand the reasons why records match — at a granular level. FinScan’s Matching Technology helps you:

  • Determine match quality by the context of differences
  • Easily explain your algorithm-based decisions to regulators
  • Configure your matching rules at a “granular” level to pinpoint the exact matches you want to review, e.g., apply different matching rules by risk level, internal data source, and compliance list, to enable a risk-based approach
  • Minimize iterations in fine tuning your rules
  • Stay focused by generating only high-quality matches
  • Reduce false positives without increasing the risk of missing a true hit


Transparency means efficiency and being regulator-ready

  • In a traditional percent-based matching algorithm (also called weighted scoring system), can you distinguish between one 85% match and another 85% match?
  • Two match results could have the same score, but if you dig deeper, each hit could have been generated for very different reasons
  • FinScan’s matching algorithm provides match results in terms of patterns instead of an aggregate score so you can know with confidence why the matches came together
  • FinScan delivers a granular and transparent match result that expedites your clearing of the hits and makes it easier to explain your decisions to regulators

*Premium is a bundle of software modules from Innovative Systems’ FinScan and Enlighten® product lines.

The FinScan Difference

Pioneering data science, quality, and matching since 1968.

With FinScan’s sophisticated matching algorithm, it’s not uncommon for clients to see multi-fold reductions in false positive rates vs. alternative solutions. Users see only high quality matches, without the risk of missing real hits.

Based on 50 years of successful integrations and migrations, FinScan offers risk-free implementation and integrates quickly and easily with your internal client applications, databases, and CRM systems such as Salesforce.

Choose any deployment method to meet your data security, data privacy, or efficiency requirements, including on-premise, SaaS/cloud, or a hybrid solution.

The FinScan batch process can handle hundreds of millions of records faster and more accurately than alternative solutions. Ensure timely processing without disrupting operations.

FinScan is compatible with any high-risk database, sanctions, or internal black lists. You are free to use any provider’s watch lists or those managed by FinScan.

Our exceptional levels of service and support have resulted in one of the highest customer retention rates and recognition by leading analysts for having among the most satisfied customers in the industry.

The Essential Checklist for Evaluating AML Screening Solutions

Do you know the right questions to ask when selecting your AML/KYC solution?

Accuracy  |  Workflow  |  Data Coverage  |  Reporting  |   Documentation  |  Support  |  Integration  |  Additional Features

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FinScan’s end-to-end, automated screening workflow

The FinScan End-to-End Solution

 

Complete Functionality & Capabilities

Protect your organization on all fronts.

FinScan software offers comprehensive, end-to-end AML data quality and screening capabilities that easily integrate with your internal processes and systems. FinScan can act as a compliance hub, providing you with a holistic view of the risk associated with the individuals and entities you do business with while enabling your organization to quickly identify, prevent, and manage risk.

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DATA QUALITY

Enhance the accuracy of your matches so that you can focus on the real risks with our AML software.

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Watch List & PEP Screening

Get your false positives under control and review only high quality matches through accurate and efficient sanctions and PEPs screening.

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Transaction Screening

Detect and stop high-risk transactions in real time.

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Transaction Monitoring

Customize rules to your business so that you can focus on high-risk alerts.

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Know Your Customer (KYC) & Customer Onboarding

Efficiently conduct customer due diligence during onboarding and ongoing.

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ULTIMATE BENEFICIAL OWNER (UBO) SCREENING

Comply with new regulations regarding the true owners and stakeholders of your entity customer in an efficient, automated way.

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ID VALIDATION

Detect fraudulent IDs and screen against any watchlists instantly.

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INTEGRATION WITH CRM

Perform instant compliance checks right from your CRM system.

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FINSCAN WATCH LISTS

Get formatted, up-to-date government watch lists, from sanctions to healthcare exclusion lists.

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HEALTHCARE EXCLUSION LIST SCREENING

Preempt the risk of hiring or doing business with excluded or sanctioned parties via automated ad hoc and ongoing screening.

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LIST MANAGEMENT SERVICES

Stay up to date with any watchlists and improve matching accuracy with our List Management Services.

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API & Web services

Easy integration with any internal systems to provide seamless screening.

Migration guides

The Official Compliance Officer’s Survival Guide

to Migrating Compliance Systems

Request Your Copy Now

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