Solving the payment screening bottleneck
Compliance shouldn’t be a speed bump. It’s time to revamp your payment screening process.
For a regulated industry like banking, the ability to screen payments is a core requirement for operational health. Many compliance teams approach this by using the conventional playbook of either conducting manual reviews or batch-uploading data to a third-party vendor.
The latency problem
When a party is added to a watchlist, you won’t know straight away. This is cumbersome, prone to error, and fundamentally at odds with the speed of global finance. Relying on separate third-party vendor systems adds to the friction and data silos.
We’ve built a real-time, event-driven, audit-ready payment screening feature into the FoundryOS platform. We launched this new capability with a European private bank, supporting their journey to transform the way money moves for high-net-worth individuals. They’ve moved from manual reviews and batch uploads to agile processing that keeps pace with the demands of modern financial operations.
How does it work?
- Define your compliance rule
Each business has unique internal policies and risk appetites. Unlike the one-size-fits-all solutions typically offered by third-party vendors, the FoundryOS platform is customisable. You define your operational processes, control frameworks, and compliance outcomes.
- Screen payments in real-time
Our system instantly extracts data from the payment message, assembles all involved parties, and screens them against global sanctions, PEP, and AML watchlists before the payment message is ever transmitted. We also maintain ongoing monitoring for existing parties. For example, if a party is added to sanction lists or watchlists at 11 AM, our record is updated and any active payment case involving that party is blocked at 11 AM.
- Get instant, audit-ready visibility
Every activity is recorded and timestamped. You get a transparent, audit-ready trail without the administrative headache. Whether it’s an automated approval or a human-led review, every decision is fully logged and transparent.
Currently, we only support the SWIFT messaging format and work with a limited number of partners. As we grow this functionality within our platform, we are looking to support more payment rails and integrations.
Why act now?
Compliance without compromise
Screening payments in and out of your bank is a foundational regulatory responsibility – streamlining it is a choice.
Free up time to focus on other important tasks
If a team member is currently dedicated to manual payment screening, that’s 30-40 hours they could redirect toward other strategic initiatives that drive business growth.
Delight customers with faster services
Reduce the amount of time when payment requests could be stuck waiting for a manual review.
Stay ahead of the competition
By modernising your operations, you set yourself up for more innovative outcomes by operating with agility and speed.
Interested in seeing how this works for your team? Contact us at info@foundry-os.com.