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Tackling Payment Screening Challenges Head On
Payment screening is a regulatory requirement but doing it with speed and efficiency proves challenging for many firms.
Financial institutions (FIs) need to decide if payments should be blocked or processed in real time. And they must also stay current with new regulatory requirements and constantly updated sanctions lists. Failure on either front can result in missing sanctioned payments, resulting in reputational damage or hefty fines. Many FIs turn to advanced technology to modernize their screening systems.
Enhancements in data availability and technology prove a powerful combination to reduce noise and help detect true positive sanction hits—but it’s critical to update screening systems to quickly identify true matches, drastically reduce false positives, and lower customer friction.
In this eBook, find out how advanced technology can help your FI overcome common payment screening challenges head on.
Financial institutions (FIs) need to decide if payments should be blocked or processed in real time. And they must also stay current with new regulatory requirements and constantly updated sanctions lists. Failure on either front can result in missing sanctioned payments, resulting in reputational damage or hefty fines. Many FIs turn to advanced technology to modernize their screening systems.
Enhancements in data availability and technology prove a powerful combination to reduce noise and help detect true positive sanction hits—but it’s critical to update screening systems to quickly identify true matches, drastically reduce false positives, and lower customer friction.
In this eBook, find out how advanced technology can help your FI overcome common payment screening challenges head on.