Sumitomo Mitsui Banking (SMBC) has opted for NTT Data Getronics and Firco Continuity from Accuity to improve payment screening in Japan and Southeast Asia.
The bank deployed Firco Continuity to replace its existing tool for screening SWIFT payment messages in Japan.
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The solution has also been deployed in 16 Southeast Asia countries to screen trade-related financial transactions.
The tool leverages the latest sanctions and trade embargo data sets to filter transactions in real-time.
Accuity vice president of partnerships Franck Lanher said: “We are confident that our combined solution will allow for increased operational efficiency across SMBC’s branches in the region and reduce the cost of compliance for the bank.
“SMBC will be able to screen transactions efficiently, ensuring a seamless customer experience and ultimately protecting its reputation.”
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By GlobalDataEquipped with Accuity’s solution, SMBC aims to detect the risk of potential sanctions breaches and comply with international regulatory norms more effectively.
Commenting on the move, SMBC representative stated: “We are confident the new solution’s false positive reduction capability will drive efficiency in our operations.
“Combined with NTTDG’s implementation expertise, this solution will enhance our ability to protect our organisation and meet regulatory requirements, without compromising on performance.”
SMBC was recently in the limelight for signing an agreement to share its ATM network with MUFG Bank.
