SINGAPORE and TOKYO, Aug. 6, 2019 /PRNewswire/ -- Sumitomo Mitsui Banking Corporation (SMBC) has selected NTT Data Getronics (NTTDG) and Firco Continuity, the market leading payments screening solution from Accuity, to advance its operations across Japan and Southeast Asia. The robust sanctions screening solution will strengthen SMBC's ability to meet international regulatory requirements, by helping the bank to detect the risk of potential sanctions violations.
Firco Continuity has replaced SMBC's previous solution for filtering SWIFT payment messages on behalf of its branches in Japan. SMBC has also implemented Firco Continuity across 16 countries in Southeast Asia to enhance its ability to filter trade-related financial transactions, greatly optimising its screening process in this area.
The integration of Firco Continuity will equip SMBC with a fully automated screening system that is capable of filtering transactions in real-time, using the latest sanctions and trade embargo data sets.
"We are delighted to be replacing our incumbent transaction and trade finance screening products with Firco Continuity. 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," said a representative from the Sumitomo Mitsui Banking Corporation (SMBC).
Yanaka Masashi, Executive Vice President & Director, commented "NTTDG is pleased to be working with Accuity to provide SMBC with the best in class transaction filtering solution. By deploying the highly configurable software, SMBC will be able to practice sanctions compliance with precision, control and efficiency."
Franck Lanher, Vice President of Partnerships at Accuity said, "Having worked with NTTDG on multiple joint customer projects, we are proud to once again be working in partnership, this time to enhance SMBC's payment and trade screening process. 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."
For more information:
Imogen Nash, Accuity, Imogen.Nash@accuity.com +44-(0)-20-7911-1379
Sharan Nanwani, Cognito, sharan.nanwani@cognitomedia.com +65-6221-7310
Notes to Editors
About NTTDG
As a subsidiary of NTT DATA, the leading systems integrator in Japan providing payment and settlement infrastructures indispensable to Japanese society, NTT DATA Getronics offers a comprehensive range of business consulting, technical support, application development and systems integration services to financial institutions and corporates, making the most of proven expertise backed with partnership labels of SWIFT Regional Partner, SWIFTReady Service Provider and CLS Registered Plus.
Find out more about NTT DATA Getronics Corporation at http://www.nttdatagetronics.co.jp/en/solutions/financial/
About Sumitomo Mitsui Banking (SMBC)
Sumitomo Mitsui Banking Corporation (SMBC) is one of the world's leading financial institutions. SMBC was established in April 2001 through the merger of two leading banks: The Sakura Bank, Limited, and The Sumitomo Bank, Limited. Sumitomo Mitsui Financial Group, Inc., was established in December 2002 through a stock transfer as a bank holding company, and SMBC became a wholly owned subsidiary of SMFG. SMBC's competitive advantages include a strong customer base, the quick implementation of strategies, and an extensive lineup of financial products and services that leverage the expertise of strategic Group companies in specialized areas. SMBC, as a core member of SMFG, works together with other members of the Group to offer customers highly sophisticated, comprehensive financial services.
About Accuity
Accuity offers a suite of innovative solutions for payments and compliance professionals, from comprehensive data and software that manage risk and compliance, to flexible tools that optimise payments pathways. With deep expertise and industry-leading data-enabled solutions from the Fircosoft, Bankers Almanac and NRS brands, our portfolio delivers protection for individual and organisational reputations.
Part of RELX, a global provider of information and analytics for professional and business customers across industries, Accuity has been delivering solutions to banks and businesses worldwide for 180 years.
About the Fircosoft portfolio of solutions
As illegal financial activities have increased around the globe, so has the danger to the reputations of payments and compliance professionals. The Fircosoft portfolio of innovative data-enabled technology solutions, delivered through a high-touch consultative partnership, helps these professionals manage risk and avoid damage to the good names of individuals and organisations.
Fircosoft's pioneering sanctions screening solutions - for transactions, accounts and trade finance - set the standard for the industry. Fircosoft's innovative software is so powerful, it is deployed by nine of the world's top ten banks, yet it can be scaled to meet the specific needs of any organisation.
