FinCom.Co

𝗧𝗵𝗲 𝗺𝗼𝘃𝗲 𝘁𝗼 𝗜𝗦𝗢 𝟮𝟬𝟬𝟮𝟮 𝗶𝘀 𝗮 𝗴𝗮𝗺𝗲-𝗰𝗵𝗮𝗻𝗴𝗲𝗿 𝗳𝗼𝗿 𝗱𝗼𝗺𝗲𝘀𝘁𝗶𝗰 𝘄𝗶𝗿𝗲𝘀 Financial institutions (FIs) are racing to ensure their systems are ready. A key challenge is additional information in the new ISO, demanding transforming sanction screening systems to be ISO-compliant, as MOST current systems can not handle the new data elements. Datos Insights Fedwire Migration and ISO 20022 Readiness report from May 2024 stated: “... The major concern is that new data elements and information are needed by other systems (i.e., sanctions and fraud solutions) that are not ready to receive them... Older products that are not ISO-compliant are requiring significant changes to adapt” While some vendors offer workaround mapping and translation solutions, these can undermine the benefits of ISO 20022’s richer data and more detailed information in messages intended to improve sanctions screening and help FIs better detect and prevent financial crime. FIs must ensure their sanction screening systems are fully compliant to enhance efficiency, accuracy, and effectiveness. This can only be achieved by implementing modern ISO-compliant systems that do not require a lengthy or expensive project. 𝗖𝗼𝗻𝘁𝗮𝗰𝘁 𝘂𝘀 𝘁𝗼𝗱𝗮𝘆 𝘁𝗼 𝗹𝗲𝗮𝗿𝗻 𝗵𝗼𝘄 𝘄𝗲 𝗰𝗮𝗻 𝗵𝗲𝗹𝗽 𝘆𝗼𝘂 𝘁𝗿𝗮𝗻𝘀𝗶𝘁𝗶𝗼𝗻 𝘀𝗺𝗼𝗼𝘁𝗵𝗹𝘆! www.fincom.co #iso20022 #fincom #transitiontoiso #sanctionsscreening #sanctionscreening Gideon Drori Oleg Golobrodsky Yosef Avital Ofer Farkash Kirsten Lemke James Mazza Tom Shelton

Thank you, Startup World Cup, for this opportunity and for honoring FinCom.Co as one of the top 10 most innovative and impactful startups. We’re proud to stand alongside those who are shaping the future of technology and making the world a better place! #startupworldcup #technology #innovation #futuretechnology Gideon Drori Oleg Golobrodsky Yosef Avital Kirsten Lemke

Fincom is proud to announce that it is one of the 10 finalists in the prestigious Startup World Cup 2024 that brings together the top startups, VCs, and entrepreneurs from around the Globe. We're ready for the final round! #startupworldcup #startup #fincom Gideon Drori Oleg Golobrodsky Yosef Avital FinCom.Co

An excellent article by Kirsten Lemke, offering great insights into how various technologies approach AML Sanctions Screening and what are the challenges. #sanctionsscreening #compliance #aml #fincom Gideon Drori Yosef Avital Oleg Golobrodsky

We are incredibly proud to announce that FinCom.Co has won 1st place at the Startup World Cup Cyprus Finals 2024! Competing against nine innovative startups, Fincom impressed the judges with its advanced solutions in financial compliance and anti-money laundering (AML). A huge thank you to the organizers and special thanks to the entire Fincom team for their dedication and hard work. Next stop: San Francisco! We're excited to compete on the global stage! #startupworldcup #fincom #aml #moneylaundering #cyprus #sanfrancisco Gideon Drori Oleg Golobrodsky Yosef Avital AnD Ventures Startup World Cup

Why Cross-Language Name Matching is critical for KYC/KYB Financial institutions in general and banks in particular have difficult times verifying their customers’ names as they appear in different languages and alphabets in numerous documents screened in the process of KYC. This is especially challenging for banks that serve customers globally. In most cases, simple transliteration into Latin characters (also called “romanization”) will not be sufficient, since almost every name may be transliterated in many different ways. Different languages use different sounds, some lack certain sounds or use sounds that may be transliterated differently based on how this name is pronounced by people speaking different languages. Approaching the challenge: https://lnkd.in/eDDJEEfA #namematching #sanctionscreening #amlscreening #aml #multilingualscreening #namescreening Oleg Golobrodsky Gideon Drori Yosef Avital

FinCom.Co is proud to be among the leading companies in the FinTech Ecosystem, pioneering Sanctions Screening and modernizing banking technologies.  Thank you, Viola FinTech, for including Fincom into this exclusive portfolio of the trailblazers of the financial technology sector, contributing to how the world saves, invests, and transacts. For more info in FinCom, visit www.fincom.co For Viola FinTech's Map click here: https://lnkd.in/ekCH9WuZ For the Israeli FinTech Ecosystem Report, click here: https://lnkd.in/eFk9MjJN #fintech #sanctionsscreening #sanctions #banking Gideon Drori Oleg Golobrodsky Yosef Avital Viola Ventures

EPC resolves the CoP challenge by utilizing Instant VOP Request Fincom has developed exceptionally accurate and effective system for Account#/Account Holder and IBAN/Name verification, backed up by its accurate Name Matching. It includes and fully supports: Instant VOP request or VOP request as part of the flow of Wires or Instant Payments Screening speed of <15msec Accurate name matching across 44 languages, in their original alphabets, facilitating local and cross-border payments and resolution of inconsistencies in name spelling and unstructured names. The system performs immediate data processing without disrupting the payment flow, saving time, operational efforts, hassle, and costs. For more details: https://lnkd.in/eFcwakaz #vop #cop #verificationofpayee #confirmationofpayee #aml #namematching #instantvop #voprequest Gideon Drori Oleg Golobrodsky Yosef Avital

Fincom at the annual EBA Seminar in Tel Aviv On June 4 the annual EBA Seminar was held in Tel Aviv, Israel, for compliance officers and financial institutions senior management. The Seminar covered the hottest topics of AML/CTF. Gideon Drori, Co-Founder and CEO of Fincom, was invited by Matrix, one of Fincom’s global partners, to address the Israeli financial community. Matrix is currently putting a special effort into expanding Fincom’s presence on the Israeli market. Drori spoke about the latest trends in the regulatory compliance arena, and about the challenges and solutions for efficient sanctions screening. More details here: https://lnkd.in/ep2Wn5yF #eba #compliance #israelicompliance #israelibanks #aml EBA and Co. Consulting Services Gideon Drori Oleg Golobrodsky Yosef Avital