Napier AI links Transaction Screening to LSEG World-Check On Demand
For the sanctions compliance head at a regional bank
Napier AI, a financial crime compliance technology provider, has linked its Transaction Screening product with LSEG's newly launched World-Check On Demand, FinTech Global reported on Nov. 2.1
Through an API connection, banks and other financial firms can run payments against World-Check risk intelligence almost as soon as LSEG's analysts make it available, according to FinTech Global.1 Napier CEO Greg Watson said sanctions lists are changing faster and more frequently than ever and that customers need real-time data for automated and AI-enabled compliance workflows.1
The Napier AI offering has passed the technology validation stage for the integration; the article did not say when it will be generally available or give pricing.1
World-Check On Demand is the latest API-driven version of LSEG's World-Check service and covers sanctions, politically exposed persons (PEPs), adverse media and enforcement actions.1
Screening large volumes of payments for PEP and adverse media risks often produces a high number of false positives, according to the article; firms can set screening rules by payment rail and customer risk category to decide which transactions are validated against World-Check On Demand.1
The data is machine-readable and carries source information at field level, so firms can limit screening to the sources that match their risk appetite.1
Fresh list data only reaches the payments a bank routes to it, so the gap between a list change and a stopped payment now depends on rules the bank sets by rail and customer risk category. Compliance and model risk teams will need to document and approve those routing and source choices.
Our take. Once a vendor can put a new sanctions name in front of your payments within minutes, a daily list refresh stops being a technical limit. It becomes a choice your bank made, and examiners can ask about choices.
Action. Sanctions compliance: Measure the time from a sanctions list update to live payment screening, by payment rail, and document why any gap exists.
Sources
- ReportNapier AI taps LSEG World-Check On Demand for screening FinTech Global