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Finastra launches Compliance as a Service

Thursday 14th September, 2023

Financial software applications and marketplaces provider, Finastra has launched its Compliance as a Service solution on Microsoft Azure to help banks combat financial crime for instant payments.

Finastra Compliance as a Service includes Fincom’s real-time anti-money laundering (AML) transaction screening and ThetaRay’s AI-powered transaction monitoring as a pre-integrated packaged solution with Finastra Payments To Go.

The end-to-end solution is set to enable US and European based banks to simplify and automate compliance processes to effectively deliver instant payments. Ongoing plans are to integrate the service with Finastra Global PAYplus.

Finastra Compliance as a Service looks to help banks take advantage of and comply with an array of instant payment infrastructures, while simultaneously mitigating the growing risks of financial crime. Making use of real-time compliance screening by Fincom and real-time AI-powered transaction monitoring from ThetaRay, the service is set to enable financial institutions to expedite business growth, increase risk coverage, and decrease operational costs.

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Avalara

Avalara helps businesses of all sizes get tax compliance right. In partnership with leading ERP, accounting, eCommerce and other financial management system providers, Avalara delivers cloudbased compliance solutions for various transactional taxes, including sales and use, VAT, GST, excise, communications, lodging, and other indirect tax types. Headquartered in Seattle, Avalara has offices across the U.S. and around the world in Canada, the U.K., Belgium, Brazil, and India.