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Oracle Financial Services Transaction Filtering Now Available


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Oracle recently announced that its Financial Services Transaction Filtering product is now widely available.

The solution, which integrates with Oracle Financial Crime and Compliance Management (FCCM), 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 provider of financial crime, risk and compliance solutions.

The new offering includes screening options for SWIFT, SEPA, and ISO 20022.

According to Oracle, the financial climate requires evolved sanctions screening technology that not only narrows down false positives, but learns from previous instances because 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 becomes a necessity although, according to Oracle,  many systems are marred by ineffectiveness and productivity hurdles.

The release of the Transaction Filtering product underscores Oracle’s understanding that compliance and risk are of paramount importance to C-suites at financial institutions, according to Oracle Financial Crime and Compliance Management vice president Sunil Mathew.  To operate smoothly, financial institutions require an integrated financial crime and compliance solution, he added.

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).

To learn more about Oracle Transaction Filtering  view the datasheet.


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