Accuity, a LexisNexis Risk Solutions company and leading provider of financial crime compliance, payments and financial counterparty know your customer solutions, won the 2021 Technoviti Award for technology innovation in financial services for its Firco Compliance Link solution. The 2021 Technoviti Awards, organised by Banking Frontiers magazine, recognise the most effective innovations that aim to redefine the future of financial services and the technologies that power them.
Firco Compliance Link is a comprehensive, one-stop solution for financial institutions’ regulatory compliance screening needs. The award-winning API-enabled technology helps organisations centralise and simplify their account, transaction and trade screening processes and minimise their regulatory and reputational risks. It automates sanctions and money laundering risk assessments by screening customers, vendors, third-party relationships, financial transactions and trade activities against the full extent of financial crime data. Regulators demand increasing levels of transparency and traceability from financial institutions and the thorough audit trail within Firco Compliance Link displays every step in an organisation’s compliance process.
Babu Nair, CEO & MD, Banking Frontiers, said, “Regtech is one of the most promising segments within the fintech ecosystem. There is tremendous scope for innovative and scalable technologies that can bring greater transparency and responsibility to transactions. As the world heads towards automating compliance to the extent possible, thereby providing more efficiency and transparency, technologies like Firco Compliance Link stand out with their superiority and solidarity. Our heartiest congratulations to Accuity for winning the Technoviti award. We hope to see further adoption of this path-breaking technology across the banking and financial services industry.”
“Winning this award is testament to our capability to innovate in the compliance space,” commented Bharath Vellore, managing director, Asia Pacific at Accuity. “Firco Compliance Link has enabled our clients to manage their financial crime compliance screening processes efficiently and effectively while minimising illicit financial activity. We are extremely proud to be leading the charge on innovative solutions that help our clients to meet their most challenging regulatory and compliance demands.”