Ability to Handle Bad Data
FinScan cleans and optimizes your data prior to AML screening to minimize false positives or unnecessary risk.
- We realize that AML compliance teams don’t have time to deal with the organization’s bad data. FinScan will identify dummy data, fix inconsistent Dates of Birth or Country names, combine duplicate alerts for a single view, identify misplaced names in an unstructured database, identify Spanish materno vs. paterno last names, and much more.
- With the bad data problem taken care of, you can focus on more important and highest risk cases.
- “FinScan gave our compliance team significantly more control over the quality of our input data than our previous system was able to…” (Compliance officer at a Top 5 US Financial Institution).
Analysis of a Financial Institution’s Customer Data Prior to Screening
These common data errors, if not properly addressed, can lead to significant risks to your AML & sanctions screening program and negatively impact your team’s productivity.
Unparalleled Performance & Scalability
FinScan’s unprecedented speed and AI-based processing enable trouble-free screening of any volume of records and transactions — even hundreds of millions a day.
- Whether your growth is driven by mergers and acquisitions, an increase in your customer base, or new initiatives such as digitalization, FinScan can support your business needs and scale with you.
Scalability of FinScan Compared to Other Vendors
FinScan screens hundreds of millions of records without disrupting your daily operations. Other vendor solutions may struggle to screen even 1 million records.
Deep Experience in Complex Implementations
Many FinScan screening projects are implemented for compliance teams that manage multiple jurisdictions across their global operations. These often include numerous customer data sources and list databases with diverse risk profiles.
- FinScan’s ability to conduct a seamless migration of systems, data, and history is based on decades of experience implementing large customer database projects for some of the largest financial institutions in the world.
- FinScan’s deployment time is typically 3X faster than other solutions.
- Our proven methodology makes it easy for your internal IT team to smoothly transition to FinScan.
FinScan Migration Methodology
FinScan’s proven migration methodology provides a seamless transition of data, system and history.
Flexible Deployment Methods
FinScan can be installed on premise, on the cloud (single-tenant or multi-tenant), in an appliance configuration, or via API/web services.
- A typical scenario for organizations with multi-country operations is a hybrid solution, in which some countries are installed on-premise, some in the cloud, and some on private- or single-tenant cloud.
- Our SSAE 16/ISO 27001-certified data centers around the world are exceptionally secure and support data privacy regulations where you do business, while providing flexibility and scalability.
- FinScan’s API and web services easily integrate with your application systems — e.g., core banking systems, CRMs such as Salesforce, and payment or claims management systems — to enable you to protect your organization and conduct efficient business from any area of the organization.
A Variety of Deployment Options Available from FinScan
FinScan’s flexible deployment options allow you to choose the style that supports your organization’s data security, privacy, efficiency, and cost requirements.
Financial and Organizational Stability
Unlike some vendors that have a revolving door of management brought on by M&As and financial problems, FinScan’s stability as the compliance brand of Innovative Systems, Inc. — a company that has demonstrated organizational and financial security for more than 50 years — is unmatched in the industry.
- Our corporate mission is to make our clients, partners, and employees a success.
- These values are reflected in our long-standing client and partner relationships and our tenured pool of technical and customer support staff, many having been with the company for decades.
Trusted by Organizations Worldwide
A long history of financial growth and organizational stability enables FinScan to focus on supporting our clients.
Solid Product Roadmap with Regular Releases
At FinScan, we listen to our clients and incorporate their feedback into our regular product updates and releases in a nimble and agile manner.
- Our clients have various channels with which to communicate with us and offer suggestions – including our customer portal, regular client surveys, direct access to our Professional Services, UX, and Product teams, and directly via our FinScan software.
- We are available to our clients around the clock and are committed to continuously improving the client experience.
FinScan’s Product Release History
FinScan’s consistent track record of innovation and product releases demonstrates our obsession with improving our clients’ experience.
Flexible & Granular Integration with Regulatory List Databases
FinScan is list-agnostic and is natively integrated with many major risk databases such as those from Acuris, Dow Jones, World-Check, Thomson Reuters CLEAR, and BvD.
- FinScan can ingest and screen against even the most granular structure of third-party data and relevant details. This allows you to remove the “noise” and use only relevant data, resulting in fewer false positives and the “right” alerts for review.
- With FinScan, you can strengthen your risk-based approach by configuring your matching rules by list type, which allows you to maintain precise distinctions by risk categories such as sanctions or PEP alerts.
- FinScan can screen against any of your internal ‘do not do business’ lists and allows you to easily edit those lists yourself.
- FinScan provides over 70 watch lists from governments and regulatory bodies around the world such as OFAC, FinCEN, FATF, UN, UK OFSI, FDA, FBI, BIS, OIG, etc.
Over 70 lists from Governments and Regulatory Bodies Worldwide
FinScan provides regulatory lists from around the globe, including 3rd party enhanced databases and various government lists.
Award-winning Customer Service
FinScan’s customer service continues to be recognized as one of the best by industry analysts.
- Unusual in the industry, our client retention rate is in the high 90th percentile.
- You get timely access to an expert and responsive team comprising professional services, customer support, and account management, all committed to providing hands-on support.
FinScan Client Testimonial
FinScan’s goal is to become a long-term trusted advisor & partner to our clients.