FinScan Secures a Position on the Esteemed 2024 RegTech100 List

FinScan Secures a Position on the Esteemed 2024 RegTech100 List

FinScan has been named one of the world’s most innovative RegTech companies for 2024 in FinTech Global’s RegTech100 list. The list is considered a valuable resource for financial institutions as they consider and develop their mission-critical compliance, risk, and digital transformation strategies.

Finalists were selected from 1,400 businesses by FinTech Global’s advisory board and RegTech Analyst, which provides data, insights, and analytical tools for the fintech industry, based on the following criteria:

  • Industry significance of the problem being solved
  • Growth in terms of capital raised, revenue, customer traction
  • Innovation of technology solution offered
  • Potential cost savings, efficiency improvement, and impact on the value chain and/or revenue enhancements generated for clients
  • Level of importance for financial institutions to know about the company

According to FinTech Global, investment in AML and FinCrime tech companies grew 20.18% (CAGR) from 2018 to 2022. With so much interest in AML solutions and so many on offer, why was FinScan chosen to be on this list?

Growing complexity demands robust solutions

AML compliance is becoming more and more complex, driven by technological shifts through AI, expectations around corporate transparency, the adoption of cryptocurrency, and the deepening of global fault lines with rising international tensions. Firms must adapt their compliance strategies to keep pace with this complex regulatory and geopolitical environment.

Not all solutions are created equal

FinScan uses a combination of AI automation, natural language processing (NLP) techniques, and embedded information libraries based on our decades of data quality, data management, and data analysis experience. We reduce risk and consolidate case review effort by accurately:

  1. Identifying name/address elements and alternative name orders
  2. Finding common name aliases
  3. Eliminating noise words
  4. Identifying joint accounts
  5. Identifying names in non-name fields
  6. Recognizing duplicate records

FinScan incorporates this intelligence, along with unique match technology and simulation tools, to provide easy configurability, precise match outcomes, and transparency for auditors, regulators, and compliance teams. We also offer automatic reapplication of remediation decisions so that records identified as safe do not show up in the workflow again unless information on the record changes.

Our system intelligently factors for anomalies in data feeds such as misspellings, transpositions, date of birth errors, and other common data discrepancies that may occur due to poor data quality and/or data mapping errors. This process reduces the number of false positives and enables our clients to focus only on fresh alerts in their system, thereby dramatically reducing their workload.

As well as having stellar technology for such a pressing and topical need, other elements that secured our place this year are our extensive pedigree and commitment to continued knowledge of the compliance environment in which we operate.

Knowledge is our power

FinScan AML solutions were created by Innovative Systems, Inc., a premier provider of enterprise data management and risk management solutions to Fortune 2000 organizations worldwide for more than 50 years. Providing high-performance on-premise and cloud software and consulting services, we offer unprecedented expertise built on decades of helping some of the largest and most sophisticated financial services companies in the world reduce risk and cost by transforming their operational, compliance, and data governance programs.

Our goal is to enhance the quality of our clients’ data and provide cutting-edge screening technology to help them achieve the most accurate screening results. We remain up to date on the latest regulatory requirements and draw from our extensive experience in helping clients improve their AML policies, procedures, and controls to gain total command of their AML programs.

Looking ahead

Our inclusion on the RegTech100 list validates our achievements to date and reinforces our commitment to providing top-tier AML/KYC consulting and compliance solutions that empower firms to meet their evolving needs and confidently navigate the complexities of regulatory compliance. We thank the judging panel and congratulate our fellow RegTech100 companies.

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