FinScan, a leading AML compliance solution from Innovative Systems, has detailed several product, performance, and leadership developments over the past year.
These updates cover payment screening, data quality controls, trade finance, and user experience improvements, targeting financial institutions, fintechs, insurers, and payment service providers dealing with large-scale compliance risks.
Product and platform enhancements
In the realm of payments, FinScan has expanded its screening capabilities to include native support for IACH and Fedwire using ISO 20022 standards. This enhancement allows for transaction screening across both real-time and batch flows, supporting domestic as well as cross-border payments. The platform also incorporates risk-based conditional logic to dynamically assess higher-risk transactions based on thresholds, corridors, counterparties, and custom blocklists, moving beyond traditional list-based screening methods.
Other improvements include the addition of enhanced APIs for real-time data cleansing and parsing via FinScan Enhance. Field-level configurations are now available for trade finance document screening, which typically reduce false positives by three to eight times. The alert remediation workflows and transaction reporting capabilities have also been upgraded to support comprehensive audit trails and regulatory filings.
Performance and retention improvements
With a growing client base, particularly among neobanks and paytechs requiring high-volume screening, FinScan has increased its processing capacity and reduced response times. The platform now handles over 100 million transactions daily, with most completing in under a quarter of a second, and achieving response times as low as 66 milliseconds per transaction in single-threaded environments. Customer retention remains strong at 93%, up from 92%, outperforming the SaaS industry average of approximately 68%.
Leadership additions
To drive future growth, FinScan has appointed key leadership roles including a Chief Revenue Officer, Product Management Leader, AML Strategy and Innovation Principal, as well as two regional partnership leaders. These appointments follow the addition of a Chief Operating Officer in the previous year. Planned developments for next year include further real-time payments support, digital asset screening capabilities, and improvements to dashboards and workflows.
