REDWOOD SHORES, Calif., Oct. 16,
2017 /PRNewswire/ -- 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.
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general product direction. It is intended for information purposes
only, and may not be incorporated into any contract. It is not a
commitment to deliver any material, code, or functionality, and
should not be relied upon in making purchasing decisions. The
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SOURCE Oracle