Geoswift, a provider of cross-border payment solutions between China and the rest of the world, has adopted Thomson Reuters risk and compliance solutions Transaction Monitoring with Screening Deployed and World-Check.
According to the technology vendor, its solutions will enable Geoswift to process large volumes of transactions quickly and efficiently on a single platform.
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The platform uses pre-built risk scenarios to monitor transactions and identify and alert unusual patterns of customer activity that differ from normal or expected behaviour.
Combined with World-Check, a source of intelligence on politically-exposed persons (PEPs) and heightened risk individuals and organizations globally, it uncovers and reports risk that may be hiding in customer account transaction based activity, Thomson Reuters added.
Geoswift founder and CEO Raymond Qu said: “The selection of Thomson Reuters AML solutions provides us the world class capability to fully keep up with global banking standards required by our partners and customers. Most importantly, this investment will give our partners and customers assurance we put compliance and risk management a high priority factor in our service.”
Sanjeev Chatrath, Managing Director, Financial & Risk, Asia Pacific at Thomson Reuters said: “As regulatory demands continue to weigh on financial institutions and corporations, organizations now more than ever need the tools, technology and operations that support customer due diligence – leveraging smart platforms and quality data. We are delighted to collaborate with Geoswift to deliver the required screening solutions their business needs.”
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