Finastra Collaborates with Fincom and ThetaRay to Offer Compliance-as-a-Service for Instant Payments

In a strategic move to enhance security and compliance in the world of instant payments, Finastra, a leading financial technology company, has partnered with financial crime specialists Fincom and ThetaRay. Together, they are introducing a groundbreaking Compliance-as-a-Service package designed to streamline compliance screening for banks facilitating instant payments, as outlined in the Fintech Global News.

This innovative service, accessible through Microsoft Azure, combines real-time sanctions screening with the power of AI-driven anti-money laundering (AML) transaction monitoring. It is specifically tailored for use with the United States’ FedNow Service and Europe’s TIPS (Target Instant Payment Settlement).

At its core, the solution integrates Fincom’s real-time AML transaction screening capabilities and ThetaRay’s AI-driven transaction monitoring with Finastra’s «Payments To Go» package, which is renowned for its efficiency in handling instant payments.

Mike Vigue, Chief Product Officer for Payments at Finastra, emphasized the importance of addressing the unique challenges associated with real-time payment systems. He stated, «The introduction of any new payment rail brings new risks, and especially when that rail operates in real-time. We are building on the success of Payments To Go for instant payments by providing accurate and efficient compliance capabilities at a reduced total cost of ownership. By pre-integrating Fincom and ThetaRay with our solutions, our customers will reduce the time and risks of launching instant payment services while benefiting from a new level of security, scalability, and flexibility.»

Finastra, known for its commitment to shaping the future of banking, takes pride in enabling the financial services industry to adapt to evolving trends. With a comprehensive portfolio of end-to-end lending solutions, encompassing syndicated, commercial, consumer, and mortgage lending, Finastra continues to play a pivotal role in modernizing the financial landscape.

The collaboration between Finastra, Fincom, and ThetaRay represents a significant step forward in ensuring the security and compliance of instant payment services. This pre-packaged Compliance-as-a-Service offering not only reduces the operational challenges but also enhances the security and efficiency of instant payments, ultimately benefiting both banks and their customers.