One financial transaction connects two parties: the ordering party and the recipient of the payment. A payment can create difficulties for a bank when the counter party is not a customer of the institution and is determined to be dubious. Our compliance module Name Matching Transaction (NMT) monitors unusual transactions and checks all transactions before they are executed. The software follows a risk-based approach and distinguishes between incoming and outgoing payments, integrates relevant internal and external checklists, and offers many helpful functionalities for payment monitoring.
NMT checks all transactions before they are booked. Sender and recipient data is checked against entries on blacklists. As soon as a transaction is classified as unusual, its execution is temporarily halted.
NMT allows for the import and check against all common lists. Names are compared against commercial, government and internal lists, followed by checks against embargo and blocked institutions lists.
NMT offers convenient functionalities to compile and administer checklists and criteria directly within the application, such as countries, banks or keywords.
Every incoming and outgoing payment (blocking direction) is checked prior to posting/execution. Critical transactions are put on hold and must be approved manually.
Electronic workflows support the clarification of hits. Hits that are not processed within a defined time period are approved automatically. Clarification is done later in these cases.
NMT offers the ability to define exceptions so that no hits are generated. Once a match is identified and clarified, white list functionality automatically prevents a second hit.
Hits can be grasped and clarified quickly due to the visual comparison of the payment and matching blacklist entry.
By using our NMT module, customers fulfill all legal and regulatory requirements for the testing of payments against embargo lists.
NMT is used in multiple installations and handles large transaction volumes successfully.
All steps and decisions in the process, such as the reason behind stopping a transaction, are documented and fully traceable.
NMT can be integrated easily with any booking system and it also integrates seamlessly with our Compliance Suite.
As NMT integrates directly with your applications, all checks are executed in-house and customer data does not leave the institution at any time.
Companies use our software and expertise in compliance to monitor
transactions prior to booking. Besides common check lists, any check criteria can be used: Booking texts can be checked for certain key terms, such as terrorist code words and other criterion. Other potentially problematic items are flagged as well, such as international wire transfers that can lead to delays. With Name Matching Transaction ACTICO's Compliance Suite offers the services
you need to decide quickly whether or not to accept payments.