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Finastra’s Compliance as a Service is now on Microsoft Azure, simplifying compliance for banks and paving the way for quick payments.

Finastra Compliance as a Service has been made available on Microsoft Azure by the international provider of financial software applications and marketplaces.

ThetaRay’s AI-powered transaction monitoring and Fincom’s real-time anti-money laundering transaction screening are pre-integrated with Finastra Payments To Go. With the help of the end-to-end solution, US and European banks can efficiently deliver quick payments by streamlining and automating compliance procedures. The service and Finastra Global PAYplus will shortly be integrated.

Finastra

According to Mike Vigue, chief product officer for payments at Finastra, “the introduction of any new payment rail brings new risks, and especially when that rail operates in real-time.” “By offering precise and effective compliance capabilities at a lower total cost of ownership, we are expanding on the success of Payments To Go for rapid payments.

Pre-integrating Fincom and ThetaRay with our solutions reduces the time and risk of delivering rapid payment services. They will gain security, scalability, and flexibility. Finastra helps banks meet evolving customer, market, and regulatory needs through payment innovation. We want to connect our partners to deliver the finest service.

Moreover banks can deliver instant and flexible digital payments more quickly and effectively thanks to Payments To Go, an end-to-end SaaS payment processing solution. For simplified invoicing via a single invoice, financial institutions can subscribe to the service through the Microsoft Azure Marketplace.

Payments To Go offers seamless, more economical, and direct access to networks like TIPS and FedNow by integrating with Finastra’s Financial Messaging Gateway. Finastra Compliance as a Service utilizes AI and ML in conjunction with specialized compliance services from Fincom and ThetaRay. As a result, it gives rapid payouts on-the-spot compliance checks for maximum operational effectiveness.

To satisfy real-time payments, real-time compliance

Banks can use and comply with a variety of instant payment infrastructures with the aid of Finastra Compliance as a Service. While reducing the elevated risks of financial crime, this includes the FedNow service in the US and TIPS in Europe. Financial institutions may speed up business growth with the help of ThetaRay’s real-time AI-powered transaction monitoring and Fincom’s real-time compliance screening. They can also lower operating expenses and broaden risk coverage.

“We will assist banks in enhancing speed-to-market by delivering pertinent value-added payment risk solutions as a service. Additionally, we’ll make sure that our customers profit from the continued advancement of supporting technologies like AI and machine learning,” added Radha Suvarna, head of Finastra’s BaaS and value-added payment solutions.

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