Overview
LexisNexis® Firco Continuity is a leading transaction screening solution trusted by financial institutions and businesses around the world.
Firco Continuity has been designed with speed, accuracy, flexibility and configurability in mind. Available on cloud or on premise and following an API-first approach, Firco Continuity easily integrates with existing IT systems, and is supported by technologies that enable optimal performance and scalability.
Firco Continuity is a complete and scalable real- time transaction screening solution which enables businesses to ensure sanctions compliance and establish readiness for regulatory scrutiny. It provides businesses with an end-to-end solution from the preparation of data, to auditing of transaction screening, including filtering and alert remediation. Enhanced traceability allows users to quickly answer regulator questions on past alert decisioning
Key Features
Firco Continuity:
- Enables teams to easily manage and deploy sanctions screening strategies with the ability to test the impact of any proposed workflow changes.
- Contains a powerful filtering engine:
- 24/7 real-time filtering capable of handling millions of transactions in an hour with a choice of more than 40 algorithms. Firco Continuity provides enhanced detection on a large scale, adjustable by geography, language requirements and risk appetite.
- Contains configurable workflow and user management system:
- Firco Continuity allows for configuration which adapts to each organization and its processes. This includes an enhanced decision workflow which allows for multiple user validation, a “blind mode”, and a back-up workflow which provide additional layers of risk control. Additionally, secure user management is backed up by the latest authentication technology, including user provisioning.
- Contains fully traceable and explainable alert capture and workflows:
- Firco Continuity captures the full lifecycle of all transactions, including any transaction which has not raised an alert as well as alertscleared by rules and exceptions.
Key Benefits
Maintaining compliance in the everchanging regulatory environment has never been more important. By providing clear, historical evidence including a complete audit trail ensures a fully compliant process. In an increasingly dangerous world, organizations need the confidence to conduct business and pursue growth opportunities with the certainty that their reputation will be protected.
Firco Continuity provides:
- Efficiency:
- Fast, efficient processes that cover the full scope of filtering and alert remediation are critical to reducing the overall screening compliance burden.
- Cost reduction:
- As the cost of compliance continues to grow, there is increased pressure to find savings within existing operations.
- Effectiveness:
- Reliable and rigorous processes help to meet ever-changing regulatory requirements.