White Paper: Making Payment Screening More Effective and Efficient

How Banks and Financial Institutions Can Reconcile the Conflicting Goals of Cost and Risk

Financial institutions use monitoring systems to support payment screening in the fight against money laundering. Many regulators require the use of fuzzy matching to check incoming and outgoing payment data against sanctions lists, embargo lists and blacklists. However, a fuzzy search always results in a large number of hits, which increases the workload of compliance teams. Financial institutions increasingly find themselves caught between the conflicting priorities of effectiveness and efficiency.

Our white paper reveals:

  • How to resolve the trade-off between effectiveness and efficiency in fuzzy matching.
  • How machine learning increases the efficiency of payment screening systems.
  • The 3 important steps for effectiveness and efficiency testing with machine learning.

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