SWIFT, a financial messaging consortium, has selected Sword FircoSoft to provide components of its new centralised sanctions screening service. Sanctions screening over SWIFT will combine Sword FircoSoft’s filtering application and list update service with the security and resilience of SWIFT, to provide a comprehensive and centralised screening service for small and medium-sized financial institutions in need of a quick, easy and cost-effective route to compliance with sanctions regulation.
Users of the service will be able to request selected SWIFT FIN messages be routed to the centralised screening application, where they will be filtered in real time, and checked against customers’ selected sanctions lists. If there is no match to the sanctions list, the message will be delivered as usual. If there is a match, customers will be asked to instruct SWIFT as to whether to release, abort or flag the message via an alert management system.
The new service is scheduled to go live in late 2011.
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