Finovate Awards 2025 Winner: FinScan

Transaction screening is far more complex than just screening domestic and cross-border payments against the latest sanctions, PEP, and dual-use goods lists. With fast-changing payment rails lists and regulations, traditional screening systems can’t keep pace with parsing complex data fields, tailoring risk-based rules, routing alerts, and ensuring audit-ready transparency—without slowing payments.

This faster, more sophisticated landscape demands more agile, intelligent systems that can adapt to rapidly shifting compliance expectations. Dynamic alerts, remediation SLAs, adjudication quality, and immutable audit trails are fundamental to addressing complex compliance challenges. Evolving regulations require a deeper look into payments data to extract critical information embedded within transactions and stop illicit activity.

FinScan Payments delivers real-time, risk-based screening that helps you block illicit transactions and prevent fines, while enabling frictionless customer experiences across any payment rail.

Instant alerts. Intelligent routing. Zero disruption.

FinScan Payments dynamically screens every critical field— senders/receivers, BICs, currencies, goods, countries, and free-text—to detect hidden risks against sanctions and watchlists. It also applies conditional screening checks against transaction attributes like thresholds, corridors, customer risk ratings, product types, and other elements for deeper due diligence based on internal risk controls. In addition, FinScan’s advanced and dynamic case assignment routes alerts to the right reviewers based on risk, review SLAs, and specialization for faster, higher-quality resolutions.

Reliable Integration: Plug into your existing payment workflows— including core banking and transaction processing systems—or payment gateway systems for real-time or scheduled checks via API or batch.

Sharper Accuracy: Cut false positives, enhance alert quality, and meet regulatory expectations with tailored screening configurations and granular controls by source application, jurisdiction, country-specific sanction lists, thresholds, granular configuration, and risk appetite.

Faster Resolutions: Accelerate instant payment reviews with intelligent alert management offering automated routing and streamlined peer reviews.

Enhanced Straight-Through Processing (STP): Minimize false positives and improve STP by maintaining a trusted counterparties list based on historical behavior, due diligence outcomes, or transaction patterns.

Stronger Detection: Spot hidden risks across regions, languages, and naming variations with our powerful matching technology.

Limitless Scalability: Reliably process any volume of payments, from a few thousand to hundreds of millions, while ensuring continuity of your daily operations.

Higher Productivity: Monitor performance and alert status in real time. Satisfy domestic and international regulatory requirements with clear, historically documented audit trails.

Using FinScan Payments:

• One of the world’s largest credit unions, which processes the highest number of international wires globally, reduced its alert rate from 36% to 10%, accelerating payment processing and improving revenue realization.
• A leading bank in the Middle East reduced payment alert volume from 35% to 8% after migrating to FinScan from another payment screening vendor.
• A LatAm-based payment processor saved over 19,000 hours of manual review by lowering false positives by 62%. Additionally, the bank identified an additional 82 confirmed hits the previous screening system missed.
• A leading European neobank handling over 200 million transactions daily needed high-speed transaction screening against regulatory watchlists. To meet compliance without disruption, FinScan Payments screens transactions in less than 300 milliseconds (ms).
• A leading Tier 1 bank likened FinScan Payments’ intuitive user interface to “iOS software that is easy to set up and follow,” underscoring FinScan Payments’ superior user experience.

Automatic Field Mapping: Instantly map payment fields from SWIFT, SEPA, CIPS, FedNow, ACH, Fedwire, and other ISO 20022 formats, or use APIs for proprietary rails.

Risk-Based Configuration: Tune matching rules and conditional screenings for each field by payment type, compliance list, amount threshold, corridor, or custom attributes—ensuring alignment with your risk appetite.

Advanced Workflow Controls: Route alerts and escalations by risk, enforce SLAs, enable peer reviews, and strengthen STP with dynamically updated, trusted counterparties based on previous reviews.

Tampering Detection: Flag wire-stripping and potential payment data manipulation meant to obscure or hide sanctioned entities or jurisdictions.

Unified Case Management: Review and resolve exceptions, add notes and documents, and escalate cases—all on one screen.

Immutable Audit Trails: Capture a complete, unalterable record of all actions, annotations, and documents ready to satisfy both internal auditors and regulators.

1. Payment Ingestion: Natively parses payments for all major payment types and leading ISO 20022 formats.

2. Pre-Screening: Ensures low-risk payments are part of safe lists or have been reviewed recently.

3. List Screening: Screens all relevant payment messages against multiple external/internal lists and other risk databases across jurisdictions with build-in data quality.

4. Contextual Risk Screening: Auto-resolves or escalates cases to designated teams in line with the organization’s risk-based approach.

5. Additional Safeguards: Detect wire stripping, payment mismatches, and manual sanctions evasions.

6. SLA-based Case Manager with Immutable Audit Trail: Prioritizes high-risk, time-sensitive alerts and routes them to the investigator queue. Audit trail captures every action taken.

7. Configurable Decisions: Configures payment status (approvals, rejections, and escalations) based on internal guidelines.