Here’s a breakdown of the key points from the provided text, focusing on the capabilities and benefits of Firco Continuity:
Core Functionality & Benefits:
Comprehensive Logging & Retention: All transactions, regardless of flagging, are logged and kept. This allows firms to respond quickly and confidently to regulatory inquiries.
High-Performance Filtering Engine: The platform can process millions of transactions per hour in real-time. This is crucial for meeting upcoming regulations like SEPA instant payments.
ISO 20022 Support: firco Continuity is designed to handle the complexities of the ISO 20022 standard, extracting and analyzing enriched payment message data for more precise screening and contextual alerts. This aids in the transition from older data formats.
Balancing Speed and Risk Control: The solution effectively addresses the challenge of maintaining screening effectiveness while minimizing transaction latency, a common issue in instant payment systems. Its ability to screen at scale in real-time wiht high configurability makes it stand out.
Future Developments & Strategic Focus:
Infinite Memory Module: LexisNexis Risk Solutions plans to introduce this module to archive and retrieve billions of transaction records without performance degradation. This will help firms provide evidence of their configurations, rule applications, and decision logic to regulators.
Adaptability to Expanding Regulatory Perimeter: Firco Continuity is designed to be adaptable across different geographies and business models, supporting fintechs, virtual asset providers, and non-bank payment service providers. Its modular structure and multilingual support are key to this.
AI-Driven Capabilities: The platform is exploring machine learning applications to enhance screening. The focus is on prioritizing traceability and explainability alongside detection accuracy to avoid “black-box” issues,responding to regulatory demands like those from the Monetary Authority of Singapore.
Key quote from Sophie Lagouanelle (Vice-president, Product, Financial Crime Compliance at LexisNexis Risk Solutions):
The award signifies their commitment to helping financial institutions stay ahead of evolving threats and regulatory expectations. Firco Continuity is continuously evolving to meet client needs by combining speed, precision, and openness.
It supports compliance in the era of instant payments and AI-driven oversight. Flexible deployment options, including secure cloud hosting, empower institutions to scale and adapt confidently.
The recognition highlights innovation that improves operational efficiency and strengthens the integrity of the global financial system.