Global Screening Services provides a sanctions transaction screening platform that facilitates information sharing among financial institutions to enhance compliance standards. By utilizing advanced screening technology, GSS addresses the challenge of regulatory compliance in a rapidly evolving sanctions landscape.
Funding
$91.9M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Financial institutions face increasing challenges in complying with rapidly evolving sanctions regulations, leading to high rates of false positives and missed detections in transaction screening. Traditional on-premise screening solutions often lack the scalability and adaptability required to handle the growing volume of cross-border payments and the increasing complexity of sanctions lists. This results in delays, increased operational costs, and potential regulatory breaches.
Solution
Global Screening Services (GSS) offers a cloud-native sanctions screening platform designed to improve compliance and reduce operational friction for financial institutions. The platform facilitates information sharing and collaboration among financial institutions, establishing higher standards for compliance and processing efficiency. By leveraging cloud technology, GSS provides a scalable and resilient solution that adapts to changing regulatory landscapes and increasing transaction volumes. The platform's configurable screening engine allows for targeted screening based on fields, lists, and matching systems, enhancing accuracy and minimizing false positives.
Target Audience
GSS primarily targets global financial institutions, including banks and payment processors, that need to efficiently and accurately screen transactions for sanctions compliance.
Features
- Cloud-native architecture for scalability and resilience, with triple data centers and cross-regional failover mechanisms
- Configurable screening engine allowing tailored screening based on fields, lists and matching systems
- Advanced technology to reduce false positives by as much as 60% to 75%
- Real-time data replication and enhanced security measures to protect against evolving threats
- Collaborative hub for financial institutions to share information and establish common technology frameworks
- Compliant with evolving regulations such as the Digital Operational Resilience Act (DORA)
- Reduced carbon footprint through energy-efficient cloud infrastructure