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FircoSoft (Sibos booth #D138), the leading global provider of watchlist filtering solutions, and Systar (Sibos booth #C103), a leading provider of Business Activity Monitoring (BAM) solutions, today announced at Sibos 2011 that they have formed a
technology and reseller partnership.
Based on Systar’s BAM technology, FircoSoft will offer a new solution, Firco BAM, to provide financial institutions with real-time, proactive insight into their watchlist filtering process environments. As part of the partnership agreement, FircoSoft will sell Firco BAM to its largest customers and prospects with complex filtering environments and high transaction volume.
“Watchlist filtering can be a time and resource intensive initiative with limited visibility into key operational and business processes. Thus it’s important for financial institutions to proactively identify potential issues before they can impact their operations or customers,” said John Lopynski, vice president of business development, Systar. “As the recognized leader in watchlist filtering solutions, FircoSoft was the right choice for a technology and business partner to expand our BAM offering into the sanctions compliance market.”
“Based on significant input from our customers and the combination of increasing regulation and processing volumes, we felt the timing was right to introduce a solution to streamline, monitor and control the payment workflow within Firco Continuity,” said Thibault Sabathe, technical director of FircoSoft. “Systar was the obvious partner choice as they enable the world’s largest banks to proactively monitor payments. We believe our customers and prospects will see immediate value in being able to better manage risk, maintain operational control, and reduce cost and workload.” Firco BAM enables financial institutions to be proactive by monitoring the filtering chain of payment messages. From a business perspective, the solution will detect when investigations are slowing down and will notify operation managers when payments are at risk of being delayed.
Firco BAM will provide valuable dashboards for both payment back offices and compliance departments to detect potential issues in real time and evaluate impacts on business lines. Firco BAM can detect:
- A difference between expected number of transactions to screen compared to the actual activity (based on calculated behaviors and “profiles”)
- The development and causes of bottlenecks within the global filtering process (STP and/or manual decisions) whether due to system performance, hit volume, or staff delays.
- The slow decision progress (manual workflow) that can result in too many payments to check before a cut-off.
From a technical perspective, the solution will detect risks caused by system unavailability and low performance. The solution can be deployed on a large variety of platforms including IBM MQSeries and Oracle, and uses state-of-the-art web based technology standards.
Both FircoSoft and Systar have earned the SWIFTReady Application Alliance Add-on 2011 label awarded to compliant software that enriches Alliance Access with business features that reduce operational risk, improve system performance and ensure regulatory compliance.
