Offering includes screening options for SWIFT, SEPA, ISO 20022 and more

Announced today, Oracle Financial Services Transaction Filtering product is now widely available. The solution, which integrates tightly with Oracle Financial Crime and Compliance Management (FCCM), holds the sanctioned transactions in real-time with accuracy and efficiency. The offering enables compliance with current legal and regulatory requirements with the ability to filter against key watch lists—such as the U.S. treasury, European Union and United Nations—via pre-integrated Oracle architecture. Powering the FCCM suite is Oracle Financial Services Analytical Applications (OFSAA), a leading provider of financial crime, risk and compliance solutions.

Today’s financial climate demands evolved sanctions screening technology that not only narrows down false positives, but learns from previous instances. False positives can clog up banking systems and result in transactions remaining on hold until a full investigation has been conducted. When coupled with mounting regulatory obligations that levy sanction-based fines and penalties, instantaneous vetting is no longer a nice-to-have, but a necessity. While proper transaction filtering continues to be top-of-mind for financial institutions, many systems are marred by ineffectiveness and productivity hurdles.

“The release of our Transaction Filtering product re-affirms Oracle’s understanding that compliance and risk are of paramount importance to c-suites at financial institutions,” said Oracle Financial Crime and Compliance Management Vice President Sunil Mathew. “To operate smoothly, financial institutions need an integrated Financial Crime & Compliance solution; and there’s currently not an offering like ours that provides a complete package for fraud, crime and compliance.”

The demand for an integrated FCCM solution that combines everything from customer screening to AML and sanctions has grown. Oracle’s sophisticated matching algorithms and data management capabilities reduce the possibility of false positives while maintaining real-time detection standards and automatically generating an audit trail that denotes alterations (a regulatory requirement).

There are hundreds of transaction filtering compliance lists globally that change frequently, leaving companies struggling to find new innovative solutions to keep up with the changing regulatory landscape. Oracle’s solution monitors these regulations in all relevant jurisdictions and possesses the technological excellence to meet this challenge in an automated way with the launch of their Transaction Filtering product.

To learn more about Oracle Transaction Filtering please view our datasheet.