Bottomline, a provider of automated and digitized services for its 1,200 bank and financial institution (FI) customers, on Wednesday (Aug. 11) announced the launch of its Watchlist Screening. Powered by an application programming interface (API), the real-time solution will be delivered via the company’s Software-as-a-Service technology, the company announced in a press release.
The sanctions solution, which is available to FIs worldwide, aims to substantially limit false positives, the company said. The software can be integrated with the company’s existing secure payments tools or used as a standalone offering. It features a screens originator, beneficiary and counter-party to screen transactions in actual time against official sanction lists, which are built into the software and published by international regulatory bodies.
Watchlist Screening assists FIs in adhering to various regulations, including anti-money laundering (AML)/counter-terrorist and wire transfer regulations, according to Bottomline. The software also consolidates and automates transaction sanctions screening.
The New Hampshire-based company employs more than 2,000 people in 25 offices located across the U.S., Europe and Asia-Pacific, according to the company website.
The latest Bottomline addition follows a recent PYMNTS report that the company had bolstered its accounts payable (AP) automation by linking Paymode-X payers to new card acceptance endpoints through accounts receivable (AR) company Billtrust via the Business Payments Network.
See also: Bottomline Connects B2B Buyers To Billtrust Card Acceptance
In addition to its collaboration with Billtrust, PYMNTS announced in May that Bottomline had partnered with Autobooks to provide FIs with a joined digital experience and a full collection of integrated payments and cash lifecycle offerings created specifically for small companies.
Read more: Bottomline, Autobooks Team Up On SMB Banking
In terms of Bottomline’s payment offerings, screenings and fraud prevention efforts, the company offers software tools for secure payments, insider fraud and compliance, as well as solutions to combat financial crime, among other services.
“The need for real-time, integrated sanctions intelligence is becoming an imperative,” Arin Ray, senior analyst with Celent’s Securities & Investments practice, said in the announcement.
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