Sanctions Screening over SWIFT will combine Sword FircoSoft’s filtering application and list update service.
Users of the new Sanctions Screening service will be able to request selected SWIFT FIN messages be routed to the centralized screening application, where they will be filtered in real time, and checked against customers’ selected sanctions lists.
If there is no match to the sanctions list, the message will be delivered as usual. If there is a match, customers will be asked to instruct SWIFT as to whether to release, abort or flag the message via an alert management system.
SWIFT head of marketing Gottfried Leibbrandt said that Sanctions Screening over SWIFT is an important element of the strategic drive to reduce costs for customers.
FircoSoft CEO Jean Losco said that the selection of the Sanctions Screening service by SWIFT is in total alignment with FircoSoft’s strategy to standardize transactions filtering and bring the utmost level of protection to the financial market.
The new service is scheduled to complete by the late 2011.
