Finastra launches Compliance as a Service

Thursday 14 September 2023 12:33 CET | News

Financial software applications and marketplaces provider Finastra has launched its Compliance as a Service solution on Microsoft Azure to help banks combat financial crime for instant payments.


Finastra Compliance as a Service includes Fincom’s real-time anti-money laundering (AML) transaction screening and ThetaRay’s AI-powered transaction monitoring as a pre-integrated packaged solution with Finastra Payments To Go.

Finastra Compliance as a Service solution capabilities

As per the information provided in the press release, the end-to-end solution, based on technology proven at multiple financial institutions, is set to enable US- and Europe-based banks to simplify and automate compliance processes to effectively deliver instant payments. In the upcoming future, the service will be integrated with Finastra Global PAYplus.

Finastra Compliance as a Service looks to help banks take advantage of and comply with an array of instant payment infrastructures, including the FedNow service in the US and TIPS in Europe, while simultaneously mitigating the growing risks of financial crime. Making use of real-time compliance screening by Fincom and real-time AI-powered transaction monitoring from ThetaRay, the service is set to enable financial institutions to expedite business growth, increase risk coverage, and decrease operational costs.

Finastra launches Compliance as a Service

When commenting on the launch, Finastra officials advised that the introduction of any new payment rail brings forth new risks, especially when said rails operate in real-time, and the company is building on the success of Payments To Go for instant payments by offering accurate and efficient compliance capabilities at a reduced total cost of ownership. Further adding on this, by pre-integrating Fincom and ThetaRay with its solutions, the company’s clients will be able to reduce the time and risks associated with launching instant payment services, while benefiting from a new level of security, scalability, and flexibility. Per their statement, Finastra is committed to helping banks keep pace with customer, industry, and regulatory demands via payment innovation, unifying its partner ecosystem to deliver an advanced service.

More to this point, company representatives said that by delivering relevant value-added payment risk solutions as a service, they are set to help banks better speed-to-market and ensure that customers stand to benefit from the continued evolution in enabling capabilities of the likes of AI and machine learning.

The announcement further highlights that Payments To Go is an end-to-end SaaS payment processing solution that lets banks deliver instant and flexible digital payments in an increasingly fast and efficient manner. Financial institutions can subscribe to the solution through the Microsoft Azure Marketplace for convenient billing through a single invoice. What is more, integrated with Finastra’s Financial Messaging Gateway, Payment To Go offers hassle-free, more affordable, and direct access to the TIPS and FedNow networks, among others. 

Combined with the advanced compliance services of Fincom and ThetaRay, Finastra Compliance as a Service leverages the power of AI and machine learning to provide on-the-spot compliance checks for optimal operational efficiency of instant payments.

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Keywords: product launch, partnership, compliance, AML, transaction monitoring, financial crime, instant payments, fintech, machine learning, artificial intelligence, regulation
Categories: Fraud & Financial Crime
Companies: Finastra, Fincom, ThetaRay
Countries: Europe, United States
This article is part of category

Fraud & Financial Crime






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