FinScan enhances real-time payment screening solution for faster payments, safer transactions
Innovative Systems boosts FinScan Payments to accelerate transactions while strengthening financial crime prevention
Recent Datos Insights research indicates that 91% of surveyed financial institutions (FIs) are making significant or moderate investments in payment modernization. However, many still rely on legacy AML compliance systems built for fewer payment rails, most of which are not aligned with real-time settlement workflows.
As digital payments soar, new payment rails and instant settlement infrastructures emerge globally, and financial crime risks increase, FinScan Payments is helping FIs, FinTechs, and other organizations stay ahead of complexity brought by such shifts, ensuring seamless, efficient transaction screening to combat money laundering, enhance customer experiences, and meet regulatory requirements. Its latest enhancements include an enhanced architectural redesign to meet high-throughput transaction screening demands, ongoing support for additional integrations as organizations support new payment messages, and a redesigned user interface to accommodate complex workflows and accelerate review times for different payment messages.
Becki LaPorte, Strategic Advisor in the Fraud & AML practice at Datos Insights, said: “Today’s payment arena requires real-time AML compliance as evolving regulations demand deeper scrutiny of transactions. In a fast-changing geopolitical and tech landscape, compliance teams must screen payments against the latest sanctions, PEP, and dual-use goods lists to stay ahead of illicit activity. FinScan Payments is well equipped to support faster payments while effectively controlling risk across domestic and cross-border ecosystems.”
Deborah Overdeput, Chief Marketing Officer of Innovative Systems, Inc., said: “To keep pace with evolving payments, organizations must streamline workflows, update their screening solutions, customize watchlists, and execute compliance checks in milliseconds with accurate results for instant payments. FinScan Payments empowers FIs, neobanks, PayFacs, FinTechs, and other organizations to block high-risk transactions in real time, facilitating compliance without delays. With configurable alerts and seamless integration into payment workflows, it keeps transactions secure while meeting time-sensitive review thresholds.”
About FinScan
Trusted by hundreds of organizations worldwide, Innovative Systems, Inc.’s FinScan offers advanced Anti-Money Laundering (AML) compliance technology and consulting solutions. Built on decades of experience in data management and proprietary matching technologies, FinScan provides a data-first, risk-based approach to ensure unparalleled accuracy and efficiency in identifying and reducing risk, accelerating AML compliance workflows, and optimizing team productivity. FinScan’s comprehensive, integrated platform includes Know Your Customer (KYC), unparalleled sanctions screening, risk scoring, data quality, and advisory services for implementing a holistic compliance program. FinScan offers flexible deployment including SaaS, on-premise, and hybrid options. FinScan’s SaaS clients are screening more than 300 billion names a year. Learn more at www.finscan.com and follow us on LinkedIn.
Chanda Shingadia
The Comms Crowd
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AML Real-time Payments Screening Software
Distribution channels: Banking, Finance & Investment Industry, Insurance Industry, Technology
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