How does Payment Screening compare to Firco Compliance Link?

ComplyAdvantage's Payment Screening solution ensures that financial transactions are screened against global sanctions lists, PEP databases, and adverse media sources in real-time. This solution helps organizations comply with international regulations by preventing illicit transactions and minimizing financial crime risks.

The system's advanced algorithms provide accurate and efficient matching, significantly reducing false positives and improving operational efficiency. Its flexible configuration options allow businesses to customize screening parameters based on their risk tolerance and regulatory requirements. Alerts and detailed reporting features keep compliance teams informed and prepared for audits.

By safeguarding payment processes, ComplyAdvantage's Payment Screening solution enhances security and ensures the integrity of financial operations.

Firco Compliance Link from LexisNexis Risk Solutions is a comprehensive, centralized compliance screening solution designed to help financial institutions and other regulated organizations effectively detect, manage, and mitigate risks related to sanctions, money laundering, terrorist financing, and other illicit financial activities. Developed by FircoSoft, now part of LexisNexis Risk Solutions, this platform combines advanced watchlist filtering technology with streamlined workflows and robust data management capabilities. It enables organizations to align with evolving regulatory requirements, reduce the complexity of compliance operations, and enhance overall due diligence measures.

One of the key strengths of Firco Compliance Link is its ability to centralize screening processes across different lines of business and transaction types, whether related to payments, customer onboarding, trade finance, or securities. By integrating disparate compliance checks into a single, unified environment, it allows compliance teams to easily access and review alerts, quickly apply sanctions screening rules, and calibrate settings to reduce false positives. This cohesive approach ensures greater operational efficiency and consistency in decision-making, saving both time and resources.

The platform’s sophisticated filtering engine uses advanced algorithms and proprietary matching techniques, enabling it to identify potential matches even when faced with slight variations in spelling, incomplete information, and multiple naming conventions. This “fuzzy logic” capability is crucial for reducing missed hits—an essential requirement in an environment where penalties for non-compliance are increasingly severe.

Firco Compliance Link also supports flexible deployment models, offering on-premises, cloud-based, or hybrid configurations that allow organizations to adopt the solution in accordance with their internal IT infrastructure and risk appetite. Moreover, it can integrate with other compliance tools, case management systems, and third-party data sources, providing a seamless user experience and a holistic view of risk.

• 🏆 Ranked - Strong Performer by Forrester (2024)
• 🏆 Best Overall AI Company by AI Breakthrough Awards (2024)
• 🏆 Named on RegTech100 by FinTechGlobal (2024)
• 🏆 Financial Crime and Compliance50 2024 - Ranked 4 by Chartis (2024)
• 🏆 RiskTech100 2024 - Ranked 13 by Chartis (2024)

ComplyAdvantage, founded in 2014, is a RegTech company that specializes in providing AI-driven financial crime risk detection and anti-money laundering (AML) solutions. ComplyAdvantage leverages artificial intelligence, machine learning, and natural language processing to offer real-time risk insights and AML data solutions.

The company provides a range of services, covering:

- AML onboarding and monitoring
- Transaction monitoring
- Payment screening
- Politically exposed persons (PEPs) and adverse media screening
- Real-time sanctions and watchlist screening

ComplyAdvantage has experienced significant growth since its inception, raising $88.2 million through three rounds of venture capital funding and expansion of its operations with offices in the United States, Singapore, and Romania. The company serves over 1,600 businesses across the globe, including major financial institutions like Santander and Affirm, and clients have reported a 70% reduction in false positives and a 50% decrease in onboarding cycle time.

LexisNexis Risk Solutions is a global data and analytics company that provides information-based analytics, decision tools, and data management services to help organizations make informed decisions, stay compliant, reduce risk, and improve operations