FinScan named a solution leader in Quadrant Knowledge Solutions’ SPARK Matrix™ report on KYC technology

FinScan named a solution leader in Quadrant Knowledge Solutions’ SPARK Matrix™ report on KYC technology

June 19, 2024

FinScan, a leading provider of AML and KYC compliance solutions, has been named a solution leader in Quadrant Knowledge Solutions’ SPARK Matrix™ Know Your Customer (KYC) Solutions 2024 market research report 

The report includes a detailed analysis of the global market regarding short-term and long-term growth opportunities, market trends, and future market outlook. It provides strategic information for technology vendors to better understand the existing market, supporting their growth strategies, and for users to evaluate different vendors’ capabilities, competitive differentiation, and market position. 

FinScan’s recognition as an AML and KYC solution leader underscores its commitment to providing robust, scalable compliance technology that help organizations navigate complex regulations, improve data quality, balance KYC/AML checks with a seamless customer experience, reduce false positives, and enhance compliance efficiency. 

Siddharth Arya, Analyst at Quadrant Knowledge Solutions, said, “FinScan’s KYC capabilities offer robust identity verification and AML screening capabilities, significantly enhancing the onboarding process for financial institutions. With advanced parsing technology and sophisticated algorithms, FinScan improves matching accuracy and reduces false positives. FinScan offers dynamic risk scoring and continuous monitoring, transforming risk scores into comprehensive profiles for precise due diligence. FinScan’s integrated platform streamlines KYC compliance tasks, enhances data quality, and facilitates informed decision-making.  

Furthermore, FinScan UBO simplifies the KYC process by facilitating the identification of beneficial owners and automatically updating beneficiary lists based on changes in ownership structure, enabling easy monitoring of risk exposure. Owing to FinScan’s overall sophisticated KYC solution offerings, and strong value proposition for customers, the company has received strong ratings across the parameters of technology excellence and customer impact and is positioned as a SPARK Leader in the 2024 SPARK MatrixTM: Know Your Customer (KYC) Solution.” 

In addition to this latest accolade, FinScan was also recently named: 

About FinScan
Trusted by hundreds of organizations worldwide, Innovative Systems, Inc.’s FinScan® offers advanced Anti-Money Laundering (AML) compliance software and consulting solutions. Built on decades of experience in data management and proprietary matching technologies, FinScan provides a data-first approach to ensure unparalleled accuracy in identifying risk, minimizing false positives, and reducing the risk of missing true hits. FinScan’s comprehensive, integrated platform includes match-ready sanctions and watchlist screening, Know Your Customer (KYC) and onboarding, data enrichment, and advisory services for implementing a holistic compliance program. FinScan offers flexible deployment including SaaS, on-premise, and hybrid options. FinScan’s SaaS clients are screening more than 300 billion names a year. Learn more at