The new technology will support NTT Data Payment Services’ e-commerce platforms by detecting and assessing sanctions, terrorism financing and money laundering risk in consumer transactions.

Following Russia’s renewed invasion of Ukraine, banks and financial institutions came under significant pressure to strengthen consumer payments, as Russian individuals and entities involved in cross-border transactions became subject to Western sanctions.

In addition, growing volumes of digital transactions combined with changing customer behaviour raised concerns among banking experts and professionals about the potential abuse of Payment Service Providers (PSPs).

Takeo Ueno, CEO at NTT Data Payment Services, said: “Facctum technology is a great match for the needs of our high-growth and customer-focused PSP business in India

“Its addition to our anti-financial crime defences shows our commitment to protecting customers and providing the highest standards of compliance effectiveness”, Ueno added. “This approach extends the capabilities of the business to provide continuous robust compliance whilst also improving the speed of services for customers.”

Facctum is a provider of cloud-first screening capability. In April, Facctum’s global head of Financial Crime Risk Management, Chrisol Correia, told RBI that sanctions have made it harder for FIs to maintain compliance performance “without causing significant additional strains”.

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K. K. Gupta, founder and CEO of Facctum, welcomed the new collaboration with NTT Data Payment Services.

“The payments ecosystem is facing a growing threat from financial criminals”, Gupta said. “This is increasing the need for regulatory and compliance countermeasures. Leaders of PSPs have therefore recognized the vital importance of robust and resilient anti-financial crime technology to meet the challenges of regulatory change and ever-changing risks. I am humbled that NTT Data Payment Services has trusted Facctum technology to enhance the effectiveness and efficiency of risk controls.”