The company has promised to bring enhanced efficiency, reduced costs, and improved customer satisfaction in the face of ever-increasing industry wide risk and compliance demands.
Founded in 2021, GSS uses artificial intelligence and machine learning technology to streamline transaction and information processing. With an initial and immediate focus on sanctions compliance, the business is developing a full suite of offerings to assist global financial services institutions to meet evolving regulatory obligations, manage risk, and increase efficiency.
GSS now operates as a standalone company with approximately 120 financial services and technology experts currently engaged in the new company’s activities. To date this team has worked alongside over thirty financial institutions, payment infrastructure providers and international regulatory bodies across the globe to bring its initial sanctions screening service to market, culminating in a recently announced partnership with SWIFT, the global provider of secure financial messaging services.
Officials stated that financial institutions are facing constantly increasing complexity as they have to manage the threats of ever more sophisticated criminality, the fallout from geo-political events, and the risks that related non-compliance or additional processing time bring. Failure to manage these is severely detrimental to an organisation’s reputation, can dent its revenues, and impacts upon the quality of its customer relationships.
In a statement, GSS’ representatives added that they are happy to be partnering with SWIFT, and their collaboration reflects both the need and desire in the industry for their solutions. In the near future they will make further announcements relating to key industry partnerships and deployment of their sanctions screening product as they take their first steps as a new business.
Starting with sanctions transactions screening, GSS changes the way financial services risk is managed by partnering with leading financial institutions and trusted industry partners to deliver effective and efficient screening processes and technology.
As well as promoting excellence in compliance, GSS’ sanctions screening solution removes the friction in the customer experience, whilst reducing the information that needs to be shared on individuals.
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