Misys has formed an alliance with FircoSoft, the watch list filtering solutions provider. The partnership aims to give banks greater consistency and control over the management and analysis of trade finance transactions to identify financial crime and maintain compliance with new sanctions and regulatory mandates.
The partners said that as banks are increasingly scrutinised over their correspondent banking relationships and the clients they trade with, the right know your customer (KYC) solutions are key to verifying the identity of clients, and performing KYC quickly and with confidence.
This partnership extends an 11-year valued-added resellers (VAR) relationship for payment compliance and enables banks to manage the complexities surrounding financial crime in trade more effectively.
“As the complexity and volume of trade transactions continue to grow, trade finance increasingly provides an attractive backdrop for criminal activity,” said David Hennah, head of trade and supply chain finance (SCF) at Misys.
“International trade finance is in danger of becoming one of the main vehicles for financial crime, disguising the movement of money. Our partnership with FircoSoft allows KYC and compliance to be a key differentiator for trade banks as corporate clients increasingly rely on their banking partners to take care of it.”
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